25 September 2023

Farmers to reap RIC rewards from loans

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The new Regional Investment Corporation (RIC) opened for business this week with the task of delivering up to $4 billion in low-interest loans to Australia’s farmers and State and Territory Governments.

Announcing the launch, Minister for Agriculture and Water Resources, David Littleproud said the RIC would deliver new loan products to farmers which would encourage them to diversify their markets and invest back into their business.

Mr Littleproud said the RIC would also offer drought loans to help farmers prepare for, and manage through, times of drought.

“I encourage farmers to get online and take a look at the loan eligibility and terms on the RIC website,” Mr Littleproud said.

Minister for Finance, Senator Mathias Cormann said a pool of $2 billion would be available for the RIC’s farm business loans and another $2 billion through the National Water Infrastructure Loan Facility for State and Territory Governments to fast track the construction of priority water infrastructure.

“We have issued the RIC with its operating mandate and look forward to seeing it achieve outcomes for rural and regional communities,” Senator Cormann said.

On its new website the RIC said that one of its priorities would be infrastructure investments that provided long-term regional economic growth and development by providing secure and affordable water through investments in economically viable water infrastructure.

“We will administer loans and provide a service that is efficient, fair, consistent and transparent,” the RIC said.

“Our staff will manage your queries and issues promptly. You will deal with a real person, who understands your needs, and the issues of rural businesses.”

The new Corporation’s website can be accessed at this PS News link.

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