More farmers soon able to take advantage of RIC loans 

From 1 July 2022, the number of industries able to access a Regional Investment Corporation Loan will grow in order to respond to new and emerging markets.  

The RIC completed industry consultation in late 2021 on the current farm business definition, which includes the primary production of grains, fresh fruits and vegetables, meat and meat products, milk, sugar cane, wine grapes, natural fibres and edible fish, molluscs, crustaceans and aquatic plants. 

After input from farmers and industry stakeholders, the RIC has adopted a broader definition in line with primary production activities listed as part of the Australian New Zealand Standard Industrial Classification 2006 (ANZSIC) codes for agriculture and aquaculture, with some exclusions. 

What will change after 1 July 2022? 

All sectors currently eligible for a RIC loan will continue to be eligible. 

A number of additions will be made, including horse breeding and turf farming.  

Nurseries and floriculture growers were previously eligible if they supplied primary production, such as shelter belts and winery root stock. Their eligibility will be extended to pharmaceutical and cosmetic plant production, including lavender and tea tree.  

What is still excluded? 

Wild catch fishing and foraging activities will not be eligible for a RIC loan.  

A number of animal breeding enterprises will also continue to be ineligible, including snake farming and worm farming. 

Bird breeding is not included, other than poultry and game birds. Pet breeding is also ineligible – this includes dogs, cats, ornamental fish and rabbits. 

For more information on included industries, click here.  

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