Preparing through dry conditions with a RIC Loan

Danny Le Feuvre manages contracted bees in South Australia’s York Peninsula. He is founder and Managing Director of Australian Bee Services and CEO of the Australian Honey Bee Industry Council, and a first-generation beekeeper.

“During the drought, the dry conditions resulted in lower honey production,” Danny said.

Australian Bee Services generates about half of its income from honey production and the rest from supplying bees for pollination services. Danny applied and was successful for a Regional Investment Corporation (RIC) Drought Loan.

“Having the RIC Drought Loan in our business over the longer term has meant that we’ve been able to provide a bit more stability,” Danny said.

Danny managed the ups and downs of drought by using his Drought Loan to refinance and pay off a higher interest loan. For more, follow Danny’s story online.

RIC Chief Executive Officer, John Howard said the RIC is pleased to be able to support farm businesses to manage through drought and other causes of significant financial impact.

“The Drought Loan recognises that circumstances other than drought, such as natural disasters and market closures, may have significant financial impacts that are out of the business’s control. RIC loans have helped many farmers to recover from and adapt to changing conditions and get back on their feet in the long term.”

“Recent customer feedback has shown over half (55%) have improved drought readiness so we know our loans are making a valuable difference, helping farmers recover, prepare and be future-ready for long term business sustainability,” Mr Howard said.

The Drought Loan provides farm businesses with 5 years’ interest only terms followed by 5years’ principal and interest over a 10-year loan term. Applicants need to meet all mandatory eligibility criteria to apply for a RIC loan, including demonstrating they are in financial need and have existing commercial loan debt. Unlike a grant, farm businesses also need to provide security and demonstrate their ability to repay the loan.

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Media Contact: Siobhan Jones| E| M 0435 168 885

About the Regional Investment Corporation
The Regional Investment Corporation (RIC) is a Federal Government-backed specialist finance provider for farmers, farm-related small businesses and plantation businesses. Since its inception on 1 July 2018, the RIC has approved more than 2865 total loans valued at over $3.10billion as at 31 October 2022.