RIC Drought Loan helps Tasmanian farmer build water storage

Sam Elphinstone now has almost 70 per cent more water storage for his diverse farming business thanks to a Regional Investment Corporation (RIC) Drought Loan.

Sam said he now felt more established in his business following previous challenges to source enough water for his operations.

“I had been looking for a way to find more water and when I got the RIC loan I built two new dams and made one bigger,” he said.

“I made my water storage capacity nearly 70 per cent more than I had.

“I’m at the stage now where I’ve worked hard and I’m able to be a full-time farmer.”

Sam is from Harford, Tasmania and farms beef cattle, vegetables, poppies for pain relief medicine and pyrethrum for insecticides. Sam applied for a RIC Drought Loan with help from a rural consultant.

RIC Engagement Manager Tasmania Susie Lohrey said improving drought resilience by increasing water storage was a great example of how to use a RIC Drought Loan.

“Improving drought resilience benefits the whole farming community and Sam has used his RIC loan to improve his farm business operation now and for the future,” she said.

The RIC Drought Loan can be used to prepare for, manage through and recover from drought. Up to $2 million can be borrowed over a 10-year loan term with the first five years interest only followed by five years’ principal and interest. The current variable interest rate is 1.77 per cent.

For more information on RIC loan products, visit ric.gov.au/loans

To speak to a rural financial counsellor in your area about making the right decisions for your farm business, visit www.agriculture.gov.au

Media contact: Danielle Riley | E media@ric.gov.au | M 0439 417 379

About the Regional Investment Corporation
The Regional Investment Corporation (RIC) is an Australian Government-backed specialist finance provider for farmers and farm-related small businesses in financial need of a concessional loan. For the financial year to 30 April 2021, the RIC has approved approximately 1575 loans valued at over $1.65 billion. Since its inception on 1 July 2018, the RIC has approved more than 2365 total loans valued at over $2.5 billion as at 30 April 2021.