RIC AgRebuild loan applications closing soon

Applications are closing soon on 30 June 2020 for the Regional Investment Corporation’s (RIC) AgRebuild loan (North Qld flood) for farmers and graziers affected by the North and Far North Queensland Monsoon Trough in early 2019.

RIC CEO Bruce King said that North Queensland farmers and graziers who haven’t yet applied for the AgRebuild loan but were considering it should submit their application by the closing date to benefit from the affordable loan terms.

“The RIC has already approved AgRebuild loans valued at more than $110 million as at 31 May 2020 for affected farmers and graziers to help them rebuild their operations following the devastating effects of the early 2019 monsoon trough.

“There are many reasons why farmers and graziers might not have submitted AgRebuild loan applications yet, even though the weather event occurred more than 12 months ago. This could include repairing extensive flood damage and the recent poor conditions might have delayed their restocking and replanting plans,” said Mr King.

“The AgRebuild loan applications will be closing at the end of June this year so for anyone thinking about applying, please submit a completed loan application by the closing date to benefit from the affordable loan terms to support recovery.”

The AgRebuild loan (North Qld flood) allows amounts up to $5 million to be borrowed over 10 years. The first two years are interest free, the next three years interest only with the final five years requiring principal and interest repayments.

To be eligible the farm business must have been directly impacted by the flooding caused by the North and Far Norther Queensland Monsoon Trough from 25 January to 14 February 2019.

For more on the AgRebuild loan (North Qld flood) visit ric.gov.au/agrebuild and submit an application before the closing date on 30 June 2020.

Media Contact: Sarah Joseph | E media@ric.gov.au | M 0435 168 885

About the Regional Investment Corporation

The Regional Investment Corporation (RIC) is a Government-backed specialist finance provider for farmers and farm-related small businesses. For the financial year to 31 May 2020, the RIC had approved around 570 total loans valued at approximately $639 million. Since its inception on 1 July 2018, the RIC has approved total loans valued at approximately $753 million as at 31 May 2020.