On The Land
6 March, 2025
Webinar informs farmers on loans
AUSTRALIAN Government farm business lender, RIC will host a free online “RIC Ready” webinar next Wednesday to help farm businesses learn more about applying for concessional loans.
Presenters include a RIC Agri Lending Manager and Rural Financial Counsellors from South Australia and Western Victoria who will cover frequently asked questions about loan eligibility and applying for a RIC loan.
RIC chief executive officer John Howard said the webinar would provide an opportunity for farmers, financial advisers, and business planners to get more information about RIC loans eligibility criteria, loan process, and various other application requirements.
“As a national, consistent low-cost loan program for Australian farm businesses facing challenging financial times, RIC loans can be used to refinance, restructure and manage agribusiness debt to improve cash flow,” he said.
“Financial relief through low interest payments over the 10 year-term of a RIC loan enables farmers to pay operating expenses, manage through, and recover. The financial ‘breathing space’ gained over time provides greater confidence to rebuild, accelerate business plans, and invest in capital infrastructure, to be better prepared for future unforeseen disruptions.
“As RIC loans are not for every farm business, it is important to understand our eligibility and assessment criteria. This ‘RIC Ready’ webinar allows participants to hear directly from our Agri Lending specialists, who know farming, finance and regional communities, and who can help make it easier to understand the key features and benefits of RIC loans, who is eligible, and how to apply.”
Farm businesses with a concessional RIC loan also benefit from no application fees, no ongoing management fees, and no penalty fees for extra or early repayment.
RIC loans provide up to $2 million over a 10-year term with the first five years interest only payments followed by principal and interest repayments for the remaining five years.
The current variable interest rate is 5.18% and there are no fees to apply, make extra repayments, or for early loan repayments.
To register for the free online webinar to find out more about RIC’s eligibility criteria, visit www.ric.gov.au/events. The webinar will be held on Wednesday 12 March at 12 noon AEDT and a recording will be emailed to registered participants after the event.
