RIC milestones

RIC marks 5 years of delivering concessional loans on behalf of the Australian Government to build a stronger, more sustainable agricultural industry. 

GRAPHIC:

RIC is celebrating 5 years 

delivering concessional loans 

supporting farms and farm-related businesses

strengthening Australian agriculture

00:00:15:21 - 00:00:51:10
Angas Swann
In small business, particularly in farming, in the start-up world, it's really difficult to get funding in the early stages. And then we came across the RIC loan and it seemed to tick a lot of boxes.

GRAPHIC:
91% of RIC-assisted farmers agree their concessional loan made drought recovery easier.
Source: JWS Research, 2022

00:00:51:12 - 00:01:20:05
Danny Le Feuvre
We had a whole heap of debt parked in our business that was attracting reasonably high interest rates and requiring interest and principal repayments to be made, which was really putting a strain on the cash flow. So we parked it and focused on just maintaining the interest payments and really ramp up our repayments into our high-interest loans, our commercial loans and the business, and that was able to really stabilise our cash flow. And without that, during the drought, I don't think we would have survived.

00:01:20:07 - 00:01:55:10
Aman Grewal
That Drought Loan, it enabled us to sort of further invest in our properties to make them futureproof and more equipped for, I guess, droughts in the future, which involved changing crop varieties, planting densities and all the rest of it so that we can produce in our properties more efficiently over the years. This will enable us to prepare for the future of irrigation, water and droughts.

GRAPHIC:
82% of RIC loans support sheep, beef cattle & grains agricultural industries.
Source: RIC & ABARES 2020-21

00:01:55:12 - 00:02:16:11
Kylie George
We've gone from fattening cattle on our last property to breeding. So when we were looking at the RIC loan with having the lower interest rate rather than having the huge repayments, it’s just taking that burden back and given us that time to have progeny in our cattle and to get income going again from there.

00:02:16:13 - 00:02:28:15
Stu Halliday
The RIC loan allowed us a little bit of freedom. It allowed us to keep stock which we would have had to sell at a low during the drought, which is probably not the thing that most farmers want to do.

00:02:28:17 - 00:02:52:09
Sam Elphinstone
When I got the RIC loan, I'd just built two new dams and then I made one dam bigger. So I pretty much made my water capacity nearly 70% more water than I had. Now I can grow a lot of volume and good crops need a lot of water.

GRAPHIC: 
$67 million - estimated savings in interest repayments for farm businesses with RIC loans in FY21-22. 

00:02:52:11 - 00:03:16:22
Jo Rolfe
After we actually were granted the loan we could see that it was going to make a quite a big difference for us to have some respite from the heavy-duty interest rates that we were looking at, and obviously that provides lots of opportunities to go forward. So we've just been through an enterprise mix change and that made that all so much more doable.

00:03:16:24 - 00:03:49:14
Andrew Leslie
The way I use the RIC loan was I used it to refinance 50% of my commercial debt, so there was a cash flow savings there. But I've actually used that cash flow savings to invest in upgrading equipment. And that equipment has had the flow-on effect of reducing my operating costs. It's actually creating opportunities for us to act on in the future.

GRAPHIC:
89% of RIC loan farm businesses reported greater confidence in the future of their operations.
Source: JWS Research, 2022

00:03:49:16 - 00:04:08:06
Lorna Jones
So the loan has changed the future of our business by just giving us a little hope. Being able to invest more into our land has meant we invested more into our future. And it's given us that hope that we can grow and we can say, one day to any of our children, if you want to come on the farm, then that is a possibility.


2023

May

Mark Tucker joins RIC Board.

An additional 30 employees recruited nationally.

June

2,921 loans settled at a value of $3.16 billion since start up.

July

5 years of RIC milestone celebrated on 1 July.

 

Succession Farmers

2022

January

Bruce King resigns as CEO.

April

AgriStarter Loan eligibility expands to include share farmers and farm leasing business owners.

June

RIC reaches $3 billion in settled loans.

July

Loan eligibility criteria expands to include wider range of industry types.

November

John Howard appointed as CEO.

Farm Investment Farmer

2021

January

AgriStarter Loan launches to support first generation and next generation farm businesses, including succession planning.

February

New Executive Leadership Team commences.

March

RIC reaches $1 billion in settled loans.

August 

Sally Freeman and Mike Carroll join RIC Board.

October

RIC reaches $2 billion in settled loans.

December

RIC receives further loan funding for three years until FY 2026.

Applications open for Plantation Loans.

 

Farming Family in Paddock

2020

January

RIC launches AgBiz Drought Loan

March

Karen Smith-Pomeroy  appointed as Board Chair. 

Drought Loan rules amended to expand eligibility criteria to include farm businesses located outside the affected area defined by UN Convention to Combat Desertification.

July

Australian Government announces $2 billion additional funding for farm business concessional loans, an additional $50 million in operational funding, and the expiry of interest-free terms for Drought and AgBiz Drought Loans by 30 September.

August 

$500 million in loans settled since start up.

September

Drought Loan applications peak at 1,295 in a single month as interest-free eligibility closes.

October

National Water Infrastructure Loan Facility (NWILF) ends.

November

National recruitment campaign for 80 additional RIC employees commences.

Farmer Grain Truck

2019

February

RIC office opens and first round of permanent staff commences.

April

Sharon Starick joins RIC Board.

June

AgRebuild Loan launches to support flood-affected Queensland farmers.

October

$100 million in loans settled since start up.

November 

Australian Government announces 2 years interest-free for eligible Drought Loan applicants, and development of the AgBiz Drought Loan.

Farmers with sheep

2018

May

Australian Government announces RIC office to be based in Orange, NSW.

RIC Board members appointed as David Foster (Chair), Lucia Cade, Mark Lewis and Prue Bondfield  

July

RIC officially launches on 1 July with $1 billion in loan funding available to support farm businesses and $2 billion for National Water Infrastructure Facility (NWILF).

Matt Ryan appointed as interim CEO.

August

Farm business loan pool increases to $2 billion.

October

First major recruitment drive begins with 32 new positions.

December

Bruce King becomes inaugural CEO.

Farming Children on Farm fence