Farm Business Concessional Loans scheme is open for applications until 30 June 2017, or when funding is fully committed, whichever occurs first.
In brief, the details of the loan scheme include:
- Dairy Recovery Concessional Loans to assist commercially viable dairy farm businesses through the short-term crisis caused by the May 2016 decision of Murray Goulburn and Fonterra to reduce farm gate milk prices. Loans of up to $1 million are available for debt restructuring; and to provide new debt for operating expenses and productivity enhancement activities.
- Drought Assistance Concessional Loans to assist commercially viable drought affected farmers to continue to operate through drought, recover once the season breaks and prepare for future droughts. Loans of up to $1 million are available for debt restructuring; and to provide new debt for operating expenses, drought recovery (planting and restocking) and drought preparedness activities.
A concessional interest rate is currently set at 2.47% per annum and reviewed by the Australian Government every 6 months. A maximum loan term of 10 years, with interest only repayments for the first five years; and principal and interest payments for years six to ten.
Potential applicants are requested to call PIRSA toll free on 1800 182 235 to arrange an appointment time or to obtain further information about the loans.