Australian Government farm business lender, RIC (Regional Investment Corporation) is hosting a free webinar on 18 September 2024 for farmers, advisers and agriculture industry representatives to learn more about how RIC’s low-cost Farm Investment Loan can help support farm businesses to rebuild and recover after severe business disruption.
RIC Chief Executive Officer, John Howard, said RIC’s Farm Investment Loan is aimed at supporting farmers who have experienced significant financial downturn, as a result of an unforeseen disruption or cumulative impacts to their business.
“Our Farm Investment Loan recognises that unexpected business shocks outside a farmer’s control can play havoc with financial plans. With a low variable interest rate and interest-only terms for the first five years, RIC loans can provide some financial relief to help farmers get back on their feet,” Mr Howard said.
“To be eligible for a Farm Investment Loan, farmers need to show their underlying business is solid, but that they need help to recover following an event that has financially impacted their business, like drought or other natural disasters, or even a biosecurity event.
“More than 100 people from across the country have already registered to learn more from our specialist Agri Lending Manager and one of our customers who will share their experience,” Mr Howard said.
Queenslander cattle grazier Rachael Lehmann is pleased to join the webinar to help other farmers learn more about how she and her husband Dane benefited from a RIC Loan. She will share how their low-interest loan supported their recovery and helped improve their business after experiencing drought and successive natural disasters.
The RIC Farm Investment Loan enabled them to refinance part of their existing commercial debt to RIC’s concessional variable interest rate. This allowed the business to improve cash flow, enabling them to recover faster and move forward.
“The change in interest rate is quite a substantial amount of money for us, so it has taken the pressure off. It just meant that we were going to have the opportunity to get ahead.
“It’s a huge step up for us and it will have amazing onflow effects for our cost of production and that’s very exciting,” Rachael said.
The Farm Investment Loan provides up to $2 million over a 10-year term with the first five years interest only followed by principal and interest for the remaining five years. The current variable interest rate is 5.18 per cent and there are no fees to apply, make extra repayments, or for early loan repayments.
The free webinar is on 18 September 2024 from 12pm-1pm AEST, to register visit www.ric.gov.au/events
For more on the Farm Investment Loan visit www.ric.gov.au/farm-investment
Read more about Rachael and Dane Lehmann’s story at www.ric.gov.au/customer-stories
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About RIC
RIC (Regional Investment Corporation) is an Australian Government farm business lender providing low-interest loans for farmers and farm-related small businesses in financial need to strengthen Australian agriculture. RIC loans can be used for management, recovery and future proofing following severe business disruption due to drought, natural disasters, biosecurity issues or other significant market events. RIC loans can also help farm businesses to establish farm businesses for first generation farmers or succession planning for next generation farmers. RIC’s vision is to build thriving regional communities. Since 1 July 2018 RIC has settled 3,141 loans valued at more than $3.37 billion as at 31 August 2024.