$100 million new drought recovery loan scheme announced
16 January 2015
In early December, the minister for agriculture, Barnaby Joyce, announced targeted government assistance for drought-affected farmers in Queensland and New South Wales through the $100 million Drought Recovery Concessional Loans Scheme.
Minister Joyce said the government’s drought recovery loans would target farm businesses that are in need of financial assistance as a result of severe and protracted drought conditions.
Farm businesses will be able to apply for a loan up to $1 million over 10 years at a variable concessional interest rate initially set at 3.21 per cent.
At this stage, no further information on the scheme or the application guidelines is available. However, as soon as further details are released we will communicate this with you.
In the interim, if you have any questions please contact either your local Rural Financial Counsellors or your local Boyce Accountant. Find your nearest RFC here.