The Regional Investment Corporation (RIC) will be available at this week’s East Gippsland Community Outreach Events, held in partnership between the National Recovery and Resilience Agency (NRRA) and Rotary Australia World Community Service (Rotary).
The RIC has concessional loan options for farmers, farm-related small businesses and commercial plantation growers to provide financial breathing space to get back on their feet or invest in their business to grow productivity or diversify markets.
RIC Engagement Manager Victoria Susie Lohrey said the RIC was pleased to be part of the East Gippsland Community Outreach Events and would be available in person from 14-18 February to share more information and answer any questions about RIC loans.
“The Regional Investment Corporation has several loan products available depending on the needs of the new farmer, farm business, farming small business or commercial plantation grower, so please pop in to see us if you want to find out more,” said Mrs Lohrey.
“We’re looking forward to being part of the East Gippsland Community Outreach Events and helping the farming community understand more about the support available to them.”
The RIC’s AgriStarter Loan provides up to $2 million for new farmers to establish a farm business, including buying land, or farm business succession planning. The Farm Investment Loan also provides up to $2 million to invest in a farm business to increase productivity and diversify into new markets.
The Drought Loan provides up to $2 million to help farmers prepare for, manage through and recover from drought and the AgBiz Drought Loan provides up to $500,000 for farming small businesses affected by drought. All farm business loan terms are interest only for five years at the current variable rate then principal and interest for five years over a 10-year term.
The Plantation Loan is available for farmers and commercial plantation growers for new plantation developments and replanting bushfire-damaged plantations as a result of the 2019-20 Black Summer bushfires. They provide up to $2.5 million with the first 13 years interest only at the current variable rate, followed by principal and interest for the remaining seven years of the 20-year loan term.
The Community Outreach Event details are:
- Omeo, Monday 14 February 2022, 8.30am to 12.30pm, Soldiers Memorial Hall
- Nowa Nowa, Wednesday 16 February 2022, 10am to 2pm, Nowa Nowa Public Hall
- Buchan, Thursday 17 February 2022, 10am to 2pm, Buchan Mechanics Hall
- Mallacoota, Friday 18 February, 8.30am to 12.30pm, Mallacoota Mudbrick Pavilion
For more information on RIC loans, visit www.ric.gov.au/loans or phone 1800 875 675.
For more details on the Community Outreach Events visit www.recovery.gov/au/recovery
Media Contact: Sarah Joseph | E firstname.lastname@example.org | 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. For the 2021-22 financial year, the RIC has approved more than 135 total loans valued at over $145 million. Since its inception on 1 July 2018, the RIC has approved more than 2825 total loans valued at over $3.06 billion, as at 31 December 2021.