More time for Victorian farmers to apply for Farm Finance Concessional Loans
Minister for Agriculture, Barnaby Joyce MP
Victorian Minister for Agriculture, Jaala Pulford MP
30 April 2015
Farmers in Victoria will have more time to apply for a Farm Finance Concessional Loan, with the closing date for applications extended to 30 June 2015.
Australian Government Minister for Agriculture, Barnaby Joyce, said the extension would provide more time for farm businesses in Victoria to take advantage of the loans scheme.
“These loans can be used for debt restructuring, productivity enhancements, or a combination of the two. They are intended to support businesses through difficult financial conditions in the short term and allow viable businesses to build capacity for the longer term,” Minister Joyce said.
“The Australian Government has made a total of $30 million in loans available to eligible farm businesses in Victoria for the 2014–15 round of the loans scheme. Funding is still available.”
Victorian Minister for Agriculture, Jaala Pulford, welcomed the extension.
Minister Pulford said that loans of up to $650,000 were available to eligible farm businesses, with an interest rate currently set at 4.34 per cent and a loan term of five years.
“Although the closing date for applications has been extended to 30 June, if you are interested in taking advantage of these loans, I encourage you not to delay in finding out more and submitting an application,” Minister Pulford said.
In addition to the $420 million Farm Finance Concessional Loans Scheme, the Australian Government has a range of assistance measures available to farmers and rural communities experiencing hardship—including income support through the Farm Household Allowance and free financial counselling through the Rural Financial Counselling Service.
“I encourage farmers not to self assess their eligibility for any of these measures, but to talk to the experts and find out more about their options,” Minister Joyce said.
The Drought Concessional Loans Scheme is also operating in Victoria, and is delivered by Rural Finance. Across the two loans schemes, 80 concessional loans have been approved in Victoria to date totaling over $34 million. More information on the two concessional loans schemes, including eligibility criteria and application details, can be found at ruralfinance.com.au.
Loan applications for Farm Finance Concessional Loans close at 5 pm on 30 June 2015, or when funds are fully committed, whichever is sooner.
For more information on the range of Australian Government assistance available to farmers, farm businesses and rural communities, visit agriculture.gov.au/assistance.