Loans currently available for agriculture & rural small business

8 November 2019

On 7 November 2019, the Government  announced an overhaul to the Regional Investment Corporation (RIC) funding rules which would see a couple of key changes.

Previously, the RIC was making available loans of up to $2 million with low interest rates (3.11%).

The main changes are as follows:

   1. Changes to the repayment options which have been announced are:

  • The first two years, interest and repayment free
  • The following three years, interest only
  • The following five years, interest and principal

   2. Small Business Drought loans of up to $500,000 will be available for small businesses that directly provide primary production related goods and services to farm businesses in ‘the most drought affected communities. There is currently no guidance on how this will be determined.

At this stage this is an annoucement from the Government, and more specific requirements will follow. It also remains to be seen how they are going to determine which areas are eligible for the Small Business Drought loan. 

Furthermore, there is currently no guidance on what will happen with interest charges on RIC loans already approved and those currently in the application stage.

Boyce will continue to send updates as new information becomes available.

Please click here to read the latest press release regarding these changes or visit

Should you wish to register your interest or find out more information, please email, call 1800 875 675 or contact your local Boyce accountant.

Grants currently available for agriculture

Round 3 of the National Landcare Program Small Farms Grants has opened for applications. This round will see $5 million (GST exclusive) available; the minimum grant amount of $5,000 (GST exclusive) and the maximum is $50,000 (GST exclusive). Applications close 11:00pm, 19 December 2019.

The purpose of the funding available is to support projects to increase farming, forestry and fishing communities’ awareness, knowledge, skills and capacity to adopt best practice sustainable agriculture. It is also to support land manager practice, with the intention of delivering more sustainable, productive and profitable industry. This will help protect Australian biodiversity and will improve the condition of the natural resources available to us. This assists the Government to meet its obligations under international treaties including those regarding climate change, diversification, biological diversity and fish stocks.

Basic eligibility criteria include:

  • Have an ABN and be registered for GST
  • Have an account with an Australian Financial Institution
  • Be able to enter into a legally binding and enforceable agreement with the Commonwealth (click here for a sample agreement)
  • Be a permanent resident (if an individual)

For additional criteria and guidelines click here, or for frequently asked questions click here.
Should this interest you or you wish to learn more, please don’t hesitate to get in touch with your local Boyce accountant

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