On The Land
15 September, 2024
Webinar to explain low-cost loans
FARMERS and agricultural industry representatives can take part in a free webinar to learn how Australian Government farm business lender, RIC (Regional Investment Corporation) can help rebuild and recover from severe business disruption.
The free webinar will be held on 18 September and will inform producers how RIC’s low-cost Farm Investment Loan can help support farm businesses.
RIC chief executive officer John Howard said RIC’s Farm Investment Loan was aimed at supporting farmers who have experienced significant financial downturn, as a result of an unforeseen disruption or cumulative impacts to their business.
“Our Farm Investment Loan recognises that unexpected business shocks outside a farmer’s control can play havoc with financial plans,” he said.
“With a low variable interest rate and interest-only terms for the first five years, RIC loans can provide some financial relief to help farmers get back on their feet.
“To be eligible for a Farm Investment Loan, farmers need to show their underlying business is solid, but that they need help to recover following an event that has financially impacted their business, like drought or other natural disasters, or even a biosecurity event.
“More than 100 people from across the country have already registered to learn more from our specialist Agri Lending Manager and one of our customers who will share their experience.”
The Farm Investment Loan provides up to $2 million over a 10-year term with the first five years interest only followed by principal and interest 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.
The free webinar is on 18 September from 12pm-1pm. To register visit www.ric.gov.au/events.
