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Farming loan offers close next month

QUEENSLAND farm businesses have until March 31 to apply for a Farm Finance Concessional Loan.
QUEENSLAND farm businesses have until March 31 to apply for a Farm Finance Concessional Loan.

QUEENSLAND farm businesses have until March 31 to apply for a Farm Finance Concessional Loan.

Loans of up to $1m are currently available through QRAA to help eligible primary producers to restructure the eligible portion of their existing debts.

The Farm Finance Concessional Loans do not increase a producer's existing debt levels.

The loans are available for terms of up to five years with interest only repayments at concessional interest rates.

QRAA Chief Executive Officer Colin Holden said the scheme could help provide Queensland producers with much needed breathing space if struggling with existing debt.

"Queensland now has $30 million available in this application period, which means we can make a real difference to the ongoing financial resilience of our primary producers," Mr Holden said.

"We have already seen almost $20 million in loans approved to help primary producers in Queensland. A range of industries have received this assistance including cattle and sheep graziers, dairy farmers, broadacre crop growers and fruit growers. This illustrates that all agricultural industries across the State can access and benefit from this assistance."

"QRAA is working in conjunction with existing commercial lenders to assist in managing producer's debt and allowing them to get back on their feet."

"The success of the program thus far is in part due to the willingness of commercial lenders to work with QRAA on establishing joint loan security arrangements to benefit their clients."

Full repayment is required at the end of the five year concessional loan term, it is expected that producers will be in a position to return to commercial lending arrangements through the refinance of the loan by their commercial lenders.

Applications for the scheme will be assessed in the order of receipt and must be fully complete before they enter the assessment queue.

This program is funded by the Australian Government and delivered by QRAA.

For more information, visit www.qraa.qld.gov.au or contact 1800 623 946.
 

Topics:  farm finance qraa