The Federal Government has announced new drought concessional and drought recovery loans for farmers.
The loans aim to assist drought affected Farm Businesses in need of financial assistance. Applications for the Drought Recovery Concessional Loans Scheme will close by 30 June 2016, or when funding is fully committed. $25 million has been made available for NSW farmers for the 2016 financial year.
The loans are for planning and/or restocking drought recovery activities, and are available up to a sum of $1 million, repayable over 10 years at a variable concessional interest rate (currently 2.71 per cent). The loans may be able to refinance some components of existing drought concessional loans.
For NSW Farmers, the NSW Rural Assistance Authority will be administering the loan:www.raa.nsw.gov.au/assistance/drought-recovery-concessional-loans
The QRAA is currently finalising the details of the scheme in Queensland:www.qraa.qld.gov.au