Regional Investment Corporation (RIC) offers up to $2 million with interest-only repayments for the first 5 years of the 10-year term and no fees or charges.
Following three flooding events within the Northern Rivers region since July 2021, which have caused severe disruption to the farming community, RIC loans are an option available to support the farm businesses who meet the eligibility criteria.
RIC CEO John Howard visited the Northern Rivers of NSW this week to increase awareness of RIC’s Farm Investment Loan as a recovery option for farmers affected by natural disasters and financial downturn.
"We understand that unpredictable events, such as natural disasters, biosecurity risks and market closures can have a devastating impact on farmers' livelihoods, which is why we are proud to offer low-cost loans. These loans support cash flow to accelerate recovery so regions can continue to thrive,” Mr Howard said.
“RIC loans are specifically designed to help farmers recover and rebuild their businesses to be stronger, more resilient and profitable for sustainable growth.
“If you meet the eligibility criteria for our Farm Investment Loan and you can demonstrate a substantial impact to your business, which is outside your control, you can apply via RIC’s website.”
Kyogle Council Deputy Mayor Thomas Cooper has been a farmer for more than 40 years and used a RIC loan to recover from drought after experiencing severe impacts on his business.
"The low-cost loan gave us the financial boost we needed to get back on our feet at a time when we needed some breathing space during the drought,” Mr Cooper said.
“Knowing we had finance secured through RIC has certainly helped us sleep easier.”
Gary Goldberg, the CEO of Northern Region Rural Financial Counselling Service, said his service supports farmers in financial need across the region to explore options that may be available to them, whether they are impacted by natural disasters, drought or even biosecurity risks.
“The Farm Investment Loan can be a useful tool to refinance debt, invest in new infrastructure and machinery, and prepare for natural disasters or other disruptions with sustainable and innovative practices,” Mr Goldberg said.
The RIC's partnership with Australian agriculture is aimed at building a more sustainable future for today, tomorrow and the next generation. By providing low-cost loans to farmers, the RIC is helping to promote innovation and adaptation in the agriculture sector, which is critical for ensuring its long-term viability.
More information on the Farm Investment Loan can be found at ric.gov.au/farm-investment
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Media Contact: Chris Polain | E media@ric.gov.au | M 0435 168 885
About the Regional Investment Corporation
Regional Investment Corporation (RIC) is an Australian Government-backed specialist finance provider of concessional loans for farmers and farm-related small businesses in financial need. Our loans help to accelerate start-ups, or when faced with severe business disruption, they support to recover, prepare and grow. Our vision is to build thriving regional communities. As at 30 April 2023, RIC has settled more than 2,895 loans valued at over $3.13 billion.