RIC’s commitment to growing the Australian agricultural industry has delivered about $40 million in AgriStarter Loans.
“The loan can be used to start and develop a first farming business, develop a share farm or farm leasing business, or to assist with succession planning for intergenerational transfer of farm business assets,” RIC chief executive officer John Howard said.
Two-thirds of AgriStarter Loans have helped to accelerate business activities to support first farmers, while the remainder have supported succession planning.
“AgriStarter offers financial ‘breathing space’ for new farmers with minimum of three years on-farm experience to improve cash-flow, refinance debt or implement succession plans to fast-track their business growth and productivity.”
The loan has been specifically designed to support the growth and development of farming businesses in Australia and offers five years interest only with affordable interest rates and no application fees, enabling farmers to focus on building and growing their businesses.
RIC variable interest rates are determined by the 10-year Federal Government bond rate and reviewed only twice a year — making them more stable than a commercial loan — so business owners can better manage their cash flow to prosper and grow.
The AgriStarter Loan is available to all eligible farmers across Australia and can offer up to $2 million, with affordable interest rates and no set-up and application fees.
To apply for the AgriStarter Loan or for more information, visit ric.gov.au or contact RIC on 1800 875 675.
