Farmers and farm-related small businesses across regional Australia will be further supported from today, with the interest rate on Regional Investment Corporation (RIC) loans dropping to a record low of 1.77 percent.
This interest rate drop to record low levels, comes as part of a regular six-monthly review of the RIC’s concessional interest rate.
Minister for Agriculture, Drought and Emergency Management, David Littleproud, and Minister for Finance, Simon Birmingham, said the reduced interest rate would provide significant financial assistance to farmers and farm-related small businesses that are in most financial need.
“The Australian Government is continuing to deliver on its commitment to back Australia’s farmers during tough times like drought,” Minister Littleproud said.
“We remain committed to providing practical help to rural and regional communities to achieve economic growth and agricultural productivity.”
Minister for Finance Simon Birmingham said RIC loans continued to provide crucial financial assistance to farmers who need it most.
“This further rate reduction will put more money in the pockets of our hardworking farmers, helping to boost their cash-flow and support them to further invest in growing their operations,” Minister Birmingham said.
“These loans are all about backing Australian farmers who are doing it tough by helping them to rebound and continue to support regional economies and regional jobs.”
- RIC loan programs encourage growth, investment and resilience in Australia’s rural and regional communities.
- The RIC’s suite of loan programs includes Drought Loans, Farm Investment Loans, AgBiz Drought Loans and the recently launched AgriStarter Loan.
- Drought Loans assist farmers in preparing for, managing and recovering from drought. The loans can refinance existing debt, fund drought-related activities or productivity enhancements, or pay for operating expenses.
- AgBiz Drought Loans assist small agriculture dependent businesses manage through drought. The loans can refinance existing debt or pay for operating expenses.