RIC to host free webinar for first and next generation farmers

Australian Government farm business lender, RIC (Regional Investment Corporation) will host a free online webinar on Wednesday 29 May 2024 for farmers, financial advisers, business planners and rural counsellors to learn more about how low-interest RIC loans can assist eligible first and next generation farm businesses accelerate their business plans.

RIC Chief Executive Officer, John Howard said RIC loans can help purchase property, land or the business, refinance or restructure existing farm debt to improve cash flow and provide access to new funding to manage operating costs and capital expenditure.

“The RIC AgriStarter Loan offers financial ‘breathing space’ for new farmers with a minimum of three years on-farm experience to improve cash flow, refinance a portion of their existing agribusiness debt or implement succession plans to fast-track their business growth and productivity,” Mr Howard said.

“RIC’s commitment to growing the Australian agricultural industry has delivered more than $88 million in AgriStarter loans since 2021 when they were first introduced. Two-thirds of AgriStarter loans have helped to accelerate business activities for new farm enterprises while the remainder have supported succession planning arrangements.

“Whether you are growing your own farm business or taking on the family farm, this webinar will discuss how RIC loans can help eligible farm businesses start-up, set-up and grow,” he said.

RIC customer and berry producer, Scott Carter and his wife Allison from Corinella, Victoria were successful in applying for an AgriStarter Loan to assist them to establish a berry farm and fast-track access to bigger markets.

“The loan terms are ideal for start-up farm businesses like mine which may take time and funds to invest in infrastructure, livestock or produce before we are able to gain a return,” Mr Carter said.

“RIC loans are interest-only repayments for five years and then you start repaying principal for the next five years. This helps your cash flow immensely in the first five years when you’re setting up.”

The AgriStarter Loan is available to all eligible applicants across Australia and offers up to $2 million in borrowings, with affordable interest rates, no application or ongoing account keeping fees and ability to repay early before the end of the 10-year loan term.    

To register for the free online webinar to find out more about the AgriStarter Loan, visit  www.ric.gov.au/events. The webinar will be held on Wednesday 29 May 2024 from 12:00 – 1:00pm AEST and a recording will be emailed to registered participants after the event.

For more about RIC AgriStarter Loan, visit www.ric.gov.au/agristarter or call RIC on 1800 875 675.

Read more about Scott Carter’s story here


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

About RIC

RIC (Regional Investment Corporation) is an Australian Government farm business lender providing low-interest loans for farmers and farm-related small businesses in financial need to strengthen Australian agriculture. RIC loans can be used for management, recovery and future proofing following severe business disruption due to drought, natural disasters, biosecurity issues or other significant market events. RIC loans can also help farm businesses to establish farm businesses for first generation farmers or succession planning for next generation farmers. RIC’s vision is to build thriving regional communities. Since 1 July 2018, RIC has settled 3,060 loans valued at more than $3.30 billion as at 31 March 2024.