RIC updates national drought leaders on loans

Regional Investment Corporation (RIC) CEO Bruce King presented to key drought response and recovery leaders on the RIC’s support for drought-affected farmers and agricultural businesses in Orange today, reporting the approval of 190 Drought loans valued at $173 million this financial year1

Presentation participants included the Prime Minister Scott Morrison, David Littleproud MP, Minister for Water Resources, Drought, Rural Finance, Natural Disaster and Emergency Management and the National Drought and North Queensland Flood Response and Recovery Agency Advisory Board in Orange, NSW.

Mr King said it was a valuable discussion on how the drought recovery and response representatives work together to provide the best possible outcomes for drought-affected farmers and communities. 

“It’s essential that our efforts are coordinated to provide meaningful support for drought-affected farmers and communities. We’re already seeing the RIC provide welcomed financial relief to farmers through our Drought loan, which we shared with key leaders today.

“We also shared feedback on how farmers are taking advantage of the Drought loans two-year interest free period to improve their cashflow position and help them manage through the drought.

“Our Drought loan applications have increased significantly as the drought continues to present unprecedented challenges for farmers and they look to refinance loans and ease their financial burden,” said Mr King.

More information on the Drought loan is available at ric.gov.au
Media Contact: Julia Brown (E media@ric.gov.au | M 0478 401 158)

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 has approved 209 loans valued at approximately $230 million. The RIC has approved $387 million in loans since its inception on 1 July 2018.  
 
1 As at 31 December 2019