Second Round of Farm Finance Loan Scheme Launched

Published 11th March, 2014 in Economy, Environment, Environment

Commonwealth Minister for Agriculture, Barnaby Joyce, and NSW Minister for Primary Industries, Katrina Hodgkinson, have announced the second round of the $10 Million Farm Finance Concessional Loans scheme, available to NSW primary producers.

Silhouette of farmer on tractor
Silhouette of farmer on tractor

Following on from a successful first round of the Farm Finance Concessional Loans scheme, which made $30 million available to eligible NSW farmers, the federal Government have launched the second round of the scheme as part of a $40 million commitment to financing the scheme for 2013-14. The scheme aims to support producers experiencing debt-servicing difficulties, but that are considered financially viable in the longer term.

The federal Government has committed a further $30 million to the Farm Finance Concessional Loans Scheme for 2014-15.

Mr Joyce said, “The scheme allows eligible farm businesses to restructure existing debt in the form of low-interest loans."

Ms Hodgkinson said the loans are helping farm businesses experiencing financial hardship.

She added, “While there has been welcome rain across much of NSW in recent weeks, many of our primary producers are still doing it tough and will warmly welcome the opening of the second round of this scheme”.

The NSW package is managed and administered through the NSW Rural Assistance Authority and applications close on Friday 4 April 2014.

The concessional interest rate for the loans will be reviewed on a six-monthly basis and may be varied to accord with prevailing economic conditions.

For more information on eligibility criteria, loans terms and how to apply, visit www.raa.nsw.gov.au or phone 1800 678 593.

Published 11th March, 2014 in Economy, Environment, Environment