Tuesday, 11 February 2020
- Drought loans now available through the Regional Investment Corporation
- Loans of up to $2 million interest and repayment free for the first two years
- Years 3-5 are interest only at a concessional rate (2.11%) with the balance to be repaid over the remaining term
- The new terms enable loans of up to $2 million over ten years
- After ten years there is an option to refinance any remaining balance.
- Loans can be used to prepare for, manage and recover from drought. The loans can refinance existing debt, fund drought-related activities, enhance productivity or pay for operating expenses or capital.
- Drought loans are offered by the Regional Investment Corporation along with a range of other products including Farm Investment Loans and AgRebuild Loans.
Source: Regional Investment Corporation, 2020