RIC helping Qld farm businesses get back on track

Applications are now open for the Regional Investment Corporation’s first disaster recovery loan – the AgRebuild Loan (North Qld flood).

This finance is designed to help North Queensland graziers, horticultural and cane farmers get their businesses back on track, following the devastating monsoon trough earlier this year.

"Our new AgRebuild Loan will help impacted primary producers in their longer-term recovery efforts and complements the other assistance measures on offer," CEO Bruce King said today.

Loans of up to $5 million with no interest and no repayments for the first two years are available to help restock, replant and recover. The loans can also be used to refinance existing commercial debt to improve cash flow.

"We’ve listened to producers impacted by these devastating floods and understand each recovery journey is different, so we’ve built this concessional loan to be both flexible in terms of repayment periods, and scalable in terms of loan size," Mr King said.

The RIC will be on the ground this Friday and Saturday (14-15 June) at both the Cloncurry and District Show and the Richmond Field Days. We invite anyone interested in our loans, to come and talk to us at these events.

Bruce King also welcomed the RIC’s first new Business Development Manager for QLD/NT, Craig Turner who joined the team earlier in the month.

Craig headed up Queensland Rural and Industry Development Authority’s (QRIDA) regional delivery team and has overseen the organisation’s response to natural disasters for over 10 years.

Few people have Craig’s experience in dealing with producers and their representatives across a wide range of agricultural industries.

Craig is ideally placed to help with the roll out of AgRebuild in North Queensland, and the promotion of our Drought Loans and Farm Investment Loans.

"Having experienced the impact of the flooding firsthand throughout the North West and Townsville, I can see the opportunity the AgRebuild Loan presents for producers to plan their enterprise’s recovery," Mr Turner said. 

To find out more visit www.ric.gov.au/farmers/agrebuild 

About the RIC

The Regional Investment Corporations provides alternative finance options for farmers in need, and state and territory governments for transformative water projects. We opened on 1 July 2018. For more information visit www.ric.gov.au.

Media Contact: Craig Turner craig.turner@ric.gov.au 0466 515 307