Barnaby bank fast facts

Sam Martel 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