Reminder Nth Qld flood farmer AgRebuild loans close soon
Media Release 19 June 2020
- Reminder that applications for North Queensland flood disaster recovery loan AgRebuild close 30 June 2020.
- The loan allows amounts up to $5 million to be borrowed over 10 years to help flood-affected Queensland primary producers restock, replant and recover.
Primary producers directly impacted by the flooding caused by the North and Far Northern Queensland Monsoon Trough from 25 January to 14 February 2019 can apply.
Graziers and farmers affected by the 2019 North and Far North Queensland floods are reminded that they have until the end of June to apply for a Regional Investment Corporation (RIC) AgRebuild loan.
Minister for Agriculture, Drought and Emergency Management David Littleproud encouraged farmers who want to apply to get their application in.
“This catastrophic event happened about 18 months ago and I know that many primary producers have spent their time since either repairing fences, roads, replanting or restocking,” Minister Littleproud said.
From the time they were established, the RIC had approved 688 loans with a total value of $753 million as at 31st May 2020.
“The North Queensland flood AgRebuild loan allows amounts up to $5 million to be borrowed over 10 years.
“The first two years are interest free, the next three years interest only with the final five years requiring principal and interest repayments.
“This is a great opportunity to access cheap money to help graziers and farmers and their businesses recover faster while also building resilience by building back better.
“I encourage graziers and farmers to get their applications in to benefit from the affordable loan terms to support flood recovery.”
To be eligible the farm business must have been directly impacted by the flooding caused by the North and Far Northern Queensland Monsoon Trough from 25 January to 14 February 2019.
For more on the AgRebuild loan (North Qld flood) visit https://www.ric.gov.au/agrebuild and submit an application before the closing date of 30 June 2020.
- The Regional Investment Corporation is a Government-backed specialist finance provider for farmers and farm-related small businesses.
- Since it was established and as at 31 May 2020, the RIC had approved 688 loans valued at over $753 million.
- Farmers in these local government areas are eligible for the North Qld Flood AgRebuild loan include Burdekin, Burke, Carpentaria, Charters Towers, Cloncurry, Croydon, Douglas, Etheridge, Flinders, Hinchinbrook, McKinlay, Richmond, Townsville, Whitsunday, Winton.
- Farmers not located in one of the above LGAs but that have a Department of Agriculture and Fisheries (DAF) Individual Disaster Stricken Property (IDSP) Notice may still be eligible.