Regional Investment Corporation (RIC) loans are now available to more eligible farm businesses.
Eligibility has been expanded to align with ANZSIC codes and now includes horse breeders, turf farmers, tea tree, lavender, pharmaceutical/cosmetic plant growers, nursery and floriculture growers.
RIC Acting Chief Executive Officer Paul Dowler said the RIC is pleased to be able to make more farm businesses eligible nationally.
“This new farm business definition recognises the diversity of Australian agriculture and is our response to industry need and emerging markets,” said Mr Dowler.
“The change follows consultation in 2021 with Australia’s agricultural industry, who largely supported expanding the definition to support more farm businesses.
“The broadened eligibility also supports the sector’s target to become a $100 billion industry by 2030,” said Mr Dowler.
All sectors previously eligible for a RIC loan will continue to be eligible. For more information on included industries, visit ric.gov.au/eligible-industries
Applicants still need to meet all mandatory eligibility criteria to apply for a RIC loan, including demonstrating they are in financial need. Unlike a grant, farm businesses also need to provide security and demonstrate their ability to repay the loan.
The expanded farm business definitions are based on industries undertaking eligible primary production activities listed under Australian New Zealand Standard Industrial Classification 2006 (ANZSIC) 1292.0 (Revision 2.0) Codes 01 (Agriculture), 02 (Aquaculture) with some exclusions.
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Media Contact: Siobhan Jones | E media@ric.gov.au | 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 2845 total loans valued at over $3.09 billion as at 30 April 2022.