You can apply for this loan if your farm business was directly impacted by the flooding caused by the North and Far North Queensland Monsoon Trough from 25 January to 14 February 2019.
Eligible local government areas are Burdekin, Burke, Carpentaria, Cloncurry, Douglas, Flinders, Hinchinbrook, McKinlay, Richmond, Townsville and Winton. If you are not located in one of the above LGAs and have a Department of Agriculture and Fisheries (DAF) Individual Disaster Stricken Property (IDSP) Notice, you may still be eligible.
50 percent of your commercial debt must remain with a commercial lender, except in cases of extreme hardship, where you’ve lost all or most of your stock or crops because of the floods. In those circumstances, we may take 100 percent of the debt.
- are an Australian citizen or permanent resident
- have experience operating a farm business
- have the farm business as your principal business pursuit, where you contribute the majority of your labour and where you derive the majority of your income
- was directly impacted by the monsoon trough and is in financial need
- has the capacity to repay the loan
- is financially viable in the long term
- is in the agriculture, horticulture, pastoral, apiculture, or aquaculture industry
- is registered for tax purposes in Australia with an ABN and is registered for GST
- operates as a sole trader, trust, partnership or private company
- is not under external administration or bankruptcy
- provide security for the loan
- have existing commercial debt and unless in extreme hardship have the support of your commercial lender to the proposed loan
To support your farm business to recover and rebuild following the North Qld flood disaster.
To ensure the ongoing growth, investment and resilience in Australia’s regional communities.
Use this loan to
- replant lost crops
- replace livestock
- refinance your debt
- replace on-farm infrastructure
- pay for operating expenses relating to damage
- as the co-contribution to access QRIDA’s North Queensland Restocking, Replanting & On-farm Infrastructure Grants
You cannot use this loan for
- non-farm assets and expenses
- paying out dividends or equity to owners
- reimbursement for depreciation of assets
- tax or other statutory payments
- your own labour costs
- anything that you have already received government funding for (except to refinance debt from a previous concessional loan)
- any other non-eligible use listed in the loan guidelines.
|Amount||Up to $5 million||Term||10 years|
|Early settlement||Yes, no fee||Interest rate||Concessional rate|
|Apply||before 30 June 2020||Application fee||No fee|
|Extra repayments||Yes, no fee||Redraw||Not available|
Percentage of total debt — at least 50% of your total debt must stay with a commercial lender except in cases of extreme hardship where you’ve lost all or most of your stock or crops due to the North Qld flood. In those circumstances, we may take up to 100 percent of your debt.
Frequency of repayments — tailored to the cash flow of the farm business.
Repayment structure — first 2 years are interest free, then 3 years interest only, then 5 years principal and interest. After 10 years, you can refinance any remaining balance with a commercial lender.
Full terms and conditions are available in the loan guidelines.
Before you apply
You need to check
You need to have
- Australian Business Number (ABN)
- financial history
- identity documents
- proof of your eligibility
- your business cash flow budget
We encourage you to talk to our loan assessment team first. Call them on 1800 875 675.
After you have talked to us, you can:
- Check the information you will need to provide.
- Talk to your commercial lender. Let them know you plan to apply for a RIC loan.
- Gather the required information. Complete the form and attach all the documents we ask for. If you submit an incomplete application we can't start assessing it.
- Submit your application to us at loans@service.RIC.gov.au or send to: Regional Investment Corporation, PO Box 796, Bendigo, VIC 3552.
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Help and support
After you apply
We will assess your application against the criteria in the loan guidelines.
We will contact you by phone or email to discuss your application. We will write to you to confirm the outcome of your application.
You must include your business cash flow budget with your application.
We will use this to help assess your financial position, and your ability to repay the loan.
If you do not have your own budget spreadsheet, you can use our template.
This template may not meet government accessibility requirements. Contact us for help.
Other disaster assistance
You may also be eligible for assistance through Queensland Rural and Industry Development Authority (QRIDA)