The agricultural industry has delivered a strong response to the additional $30 million in loans for the agricultural industry made through the Queensland Rural Industry Development Authority (QRIDA).
Minister for Agricultural Industry Development and Fisheries, Mark Furner said the Primary Industry Productivity Enhancement Scheme (PIPES) had received a wave of new applications after the extension of the $100 million scheme was announced last month.
“Applications reached the $100 million cap last month and we acted quickly to make an additional $30 million in loans available,” Mr Furner said.
“These loans are a vital investment in Queensland’s agricultural sector, which remains a key pillar of the State’s economy.”
He said Queensland was facing an extraordinary economic impact in the face of the COVID-19 pandemic, making it even more important that farm businesses could invest in their productivity.
“QRIDA has already approved 209 loans for $105 million and is working through an additional $21 million in applications that have been received, so this money can hit the ground sooner rather than later,” Mr Furner said.
“That means more investment in the agricultural sector, more investment in regional Queensland and more jobs for Queenslanders.”
He said the extension of the loans scheme included an additional $20 million for PIPES loans and $10 million for loans to support African swine fever preparedness.
