14 September 2023
Australian Government farm business lender, Regional Investment Corporation (RIC) is pleased to launch the Farm Relief Tool, a new directory to connect farmers affected by drought, natural disaster, or biosecurity events with Australian Government financial and mental health support.
A collaboration between RIC, the Department of Agriculture, Fisheries and Forestry (DAFF), and the National Emergency Management Agency (NEMA), the Farm Relief Tool provides important resources for farmers seeking to prepare and recover when faced with challenging times.
RIC Chief Executive Officer John Howard said the Farm Relief Tool has been developed in response to the agriculture industry's calls for simple and easily accessible resources and RIC is pleased to collaborate with DAFF and NEMA to produce it.
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“Just like other useful tools farmers have in their shed, the Farm Relief Tool is a simple directory for farmers hit by drought, natural disasters, and biosecurity events to quickly and easily find Australian Government options available to support them in tough times and help them to get back on their feet,” said Mr Howard.
“We’ve heard from the agriculture industry when farmers know where to find help, they feel more confident, and they have a better outlook on their ability to recover. We know from our own recent customer survey that nine out of ten RIC customers agree their RIC loan has made drought, natural disasters, or external disruption recovery easier.
“We’re pleased to collaborate with the Department of Agriculture, Fisheries and Forestry and the National Emergency Management Agency and we hope this simple handheld and online Farm Relief Tool helps to connect farmers with Australian Government help and will be a valuable directory to strengthen Australian agriculture.”
The online Farm Relief Tool is available online now at//www.ric.gov.au/farm-rel..., and in person from next month through the Rural Financial Counselling Service, or from RIC, NEMA, and DAFF information stands at community agriculture events.
RIC loans are available to eligible Australian farmers to recover from drought and natural disasters, biosecurity events and prepare for future events through its Drought Loan and Farm Investment Loan. Up to $2 million can be borrowed over 10 years with the first five years’ interest only followed by principal and interest for the remaining five years. The current variable interest rate is 4.52 percent and is reviewed every six months.
For more on RIC Our Loans - Regional Investment Corporation (ric.gov.au)