Regional Investment Corporation to the rescue for NT farmers
16 February 2018
Eligible farm businesses in the Northern Territory will benefit from direct access to loans through the Regional Investment Corporation (RIC), under new legislation passed earlier this month.
Minister for Agriculture and Water Resources, David Littleproud, said the RIC would fuel investment and growth in the Northern Territory, and right across rural and regional Australia.
"The Coalition Government committed to establishing the RIC because we believe in regional communities and we believe in bringing the services closer to them," Minister Littleproud said.
"The RIC will help spur investment and growth in regional Australia.
"Farmers will be able to directly access loans administered through the RIC under the $2 billion farm business concessional loans program – this is a huge win for those on our agricultural frontline.
"Not one concessional loan has been delivered to farm businesses in the Northern Territory over the past two years.
"It is a shame we had to fight the Labor Party to deliver this promise to regional Australians.
"The RIC will support eligible farm businesses by helping them build and maintain diversity in the markets they supply, to take advantage of new and emerging opportunities and manage through difficult periods like droughts.
"The streamlined administration of farm business loan arrangements through the RIC will be delivered consistently across Australia to help producers.
RIC will also administer the National Water Infrastructure Loan Facility to ensure water infrastructure projects on the high priority list can be completed as quickly as possible.
"These are critical initiatives which will encourage growth, investment and resilience in Australia's rural communities."
The RIC will launch in July, but until 30 June, farm businesses can still access concessional loans under the existing loans schemes through the Northern Territory and state delivery agencies.