Drought Concessional loans open for Victorian farm businesses
6 February 2015
Minister for Agriculture, Barnaby Joyce today announced $30 million in drought concessional loans was now available to eligible Victorian farm businesses.
Minister Joyce said farmers could now apply for loans to help with debt restructuring, operating expenses or to help with drought preparedness or recovery activities for their farm business.
“This is good news for Victorian farmers battling dry conditions across the state, especially in the west and north-west,” Minister Joyce said.
“The five-year loans of up to 50 per cent of eligible farm business debt, to a maximum of $1 million, are available at an initial concessional interest rate of 3.84 per cent.
“To be eligible for drought concessional loans, a Victorian farm business must be experiencing a 1-in-20 year drought event, or a 1-in-10 year drought event that has caused significant financial impact.”
Minister Joyce said Victorian farmers doing it tough also had access to Farm Finance Concessional Loans and the Farm Household Allowance.
“Most importantly, I encourage farmers not to self-assess, but to talk to Rural Finance about their personal circumstances,” Minister Joyce said.
To apply for a drought concessional loan contact Rural Finance on 1800 260 425 or visit ruralfinance.com.au.
For more information on the range of Australian Government assistance for farmers, farm businesses and rural communities, visit agriculture.gov.au/assistance.