The Regional Investment Corporation (RIC) – which provides government-funded low interest loans to farmers in need – is on the ground in NSW this week, with an information session coming to Moree on Friday.
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The RIC’s farm business loans replace the federal concessional loans scheme delivered by the New South Wales Rural Assistance Authority (RAA). The RIC launched on July 1, 2018.
RIC loans can be used to refinance existing debt to free up cashflow or pay for operating expenses or capital.
“Most farmers we’ve been speaking to are interested in our refinancing option,” interim CEO Matt Ryan, who will be delivering the information session, said.
“Refinancing commercial debt means big savings on interest charges – in some cases $20,000 year.”
Mr Ryan explained the key difference between the RIC’s farm business loans, and other similar concessional loans offered by RAA was the loan terms and amount.
“We offer the biggest concessional loan amount of $2 million, and farmers can use our loans for any business related activity, which makes it an attractive option for farmers doing it tough because of the drought.”
The Moree session will be held at Moree Town and Country Club from 9.30am to 11am on Friday, November 2.
To RSVP please call 1800 875 675 or email ric@agriculture.gov.au.
