Media Release

Farm Finance loans re-open for applications

1 July 2014

From today, farmers in Queensland, Western Australia, South Australia and the Northern Territory can apply for a Farm Finance concessional loan under new rounds of the scheme open today.

Minister for Agriculture, Barnaby Joyce, said he has been advised new rounds of the scheme in New South Wales, Victoria and Tasmania will also re-open for applications in the coming weeks.

"The Farm Finance loans allow eligible farm businesses to restructure existing debt or undertake productivity enhancement activities through access to low interest loans. It’s all about helping farmers who are currently experiencing financial hardship, but whose businesses are commercially viable in the longer term," Minister Joyce said.

"This is a $420 million scheme to help farmers in need. Back in November, I made changes to the scheme to make sure it better reflected the on-the-ground situation and that funding was allocated to areas most in need.

"Farm Finance concessional loans have already been approved for over 230 farm businesses across the country under the 2013-14 rounds of the scheme.

"The loans differ between each state and the Northern Territory, so I urge farmers to contact the delivery agency for their jurisdiction and get all the information they need – it's important not to self-assess but to talk to an expert about your options.

"There are a range of other support measures available now for farmers in need who are doing it tough. I encourage farmers to talk to the experts and find out about the support options available."

For more information: daff.gov.au/assistance.