The Regional Investment Corporation (RIC) will be on the ground in North Queensland between 18 – 20 February 2020 to discuss its AgRebuild loan (North Qld flood) with farmers and graziers affected by last year’s monsoonal trough event.
RIC CEO Bruce King said with conditions improving in some areas in the North West, now could be a good time to consider the AgRebuild loan (North Qld flood) for restocking and replanting.
“With no repayments for two years on the 10-year loan, graziers can get calves on the ground and weight on cattle without the added financial burden of loan repayments.
"All while they focus on rebuilding their income earning capacity before the need to meet future loan repayments.
“To date almost $50 million has been approved for North West graziers through the AgRebuild loan to assist with repairs, restocking and provide working capital as enterprises map out their flood recovery,” said Mr King.
The AgRebuild loan (North Qld flood) is for loans up to $5 million and can be used to refinance to up 50 per cent of existing commercial debt, fund restocking and provide working capital.
The loan terms provide two years interest free with no repayments, three years interest only and then principal and interest for five years. There are no fees or charges with RIC loans and applications close on 30 June 2020.
The RIC, along with the Queensland Rural Industry Development Authority (QRIDA) and Rural Financial Counselling Service (RFCS) will be at the following locations between 18 – 20 February 2020, with no appointment necessary:
Tuesday 18 February 2020 Hughenden – QCWA Hall 42 Stansfield Street, Hughenden 9:00am to 4:00pm
Wednesday 19 February 2020 Richmond – Shire Hall Supper Room 50 Goldring Street, Richmond 9:00am to 4:00pm
Thursday 20 February 2020 Julia Creek – Father Bill Busuttin Centre Church Lane, Julia Creek 9:00am to 4:00pm
Media Contact: Sarah Joseph E email@example.com | M 0435 168 885
About the Regional Investment Corporation The Regional Investment Corporation (RIC) is a Government-backed specialist finance provider for farmers and small businesses that supply the agriculture sector. For the financial year to 31 December 2019, the RIC had approved 209 loans valued at approximately $230 million. Since its inception on 1 July 2018, the RIC had approved $387 million in loans as at 31 December 2019. For more information visit ric.gov.au.