Regional Investment Corporation update on Small Business Drought loan

The Regional Investment Corporation is working with the Australian Government on the legal and administrative requirements that are necessary to implement the new small business drought loan announced in November 2019. These arrangements are close to being finalised and applications will be open on Monday 20 January 2020.  
We recognise the difficult situation that many farming-related small businesses are in as a result of the drought and have been working as quickly as possible to provide a fit-for-purpose product to support the industry. Information on how to apply will be available via our website and everyone who has registered their interest via our website or call centre will be notified by email when applications are open.  
In preparation of the availability of the small business drought loan the RIC has expanded the size of its assessment team to support the application increase with new assessors appointed prior to Christmas and more in early 2020. 
Additional background on the Drought loan 
The Regional Investment Corporation launched its Drought loan to help farmers prepare for, manage through and recover from the drought has been available since the RIC opened on 1 July 2018.  
In November 2019, at the same time the loans for small business drought loan were announced, the terms of the Drought loan were changed to provide a two-year no repayment interest-free period, three-year interest only period, followed by principal and interest over the remaining five years. As these changes were amendments to an existing product these changes came into effect as of the 1 January 2020.