The Regional Investment Corporation (RIC) opened on 1 July. The corporation delivers government loans to farm and works with farmers to improve their productivity and profitability, now and into the future.
RIC loans can be used for a range of purposes, including to refinance existing debt, access new debt for operating expenses or capital, or to fund drought-related activities. To be eligible for a RIC loan your business must:
• be in financial need of a loan, and viable in the long term
• have capacity to repay the loan
• be in the agriculture, horticulture, pastoral, apiculture or aquaculture
• have existing commercial debt
• operate as a sole trader, trust, partnership or private company.
Loans are offered at a 3.58 variable interest rate with no fees. For more information click here.