RIC milestones

January

RIC awarded for Excellence in Innovation in Digital Lending Technology Implementation at the 2024 Global Banking and Finance Awards.

January

RIC settles 3000th loan customer.

June

RIC named as Gold Winner for Transformation Excellence at the InfoSys Finacle Innovation Awards 2024, an international award program for Infosys clients in banking and financial services.

October

RIC Farm Loans Customer Insights Report 2023 reveals 89 per cent of RIC customers agree their RIC loan has given them greater confidence in the future of their farm or small business.

December

RIC and Infosys win Best Project Implementation in the Most Innovative Cloud Deployment category of the IBSi Global FinTech Innovation Awards.

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

RIC celebrates 5-year milestone on 1 July.

August

RIC launches Farm Relief Tool.

October

RIC insources all loan management systems and services, with full ownership of the customer experience including Contact Centre

November

RIC publishes inaugural RIC Farm Loans Customer Insights Report 2023.

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.

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.

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.

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.

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.