Palaszcuk Government delivers on promise to improve support for farmers

The Palaszczuk Government is delivering on its promise to improve access to low-cost funds for primary producers.

Agriculture Minister Leanne Donaldson said with immediate effect the maximum loan amount available for Sustainability Loans has doubled to $1.3 million.

“Sustainability Loans are for producers who are looking to expand, improve or diversify their enterprises,” Minister Donaldson said.

“In addition First Start Loans of up to $2 million are now available, to help producers purchase or buy into their first enterprise and assist farming families with their succession plans.

“The Palaszczuk Government is committed to boosting the productivity and profitability of Queensland agriculture and these increases will help support the growth of many more farming enterprises throughout the State.”

Minister Donaldson said the increase loan limits applied to the Primary Industry Productivity Enhancement Scheme (PIPES), delivered by QRAA, and the increases were part of the $454 million State Budget commitment to Queensland’s agriculture and fisheries sector.

“The government is clearly focussed on stimulating renewal and investing for the future as well as reducing the financial pressure on producers during difficult times.

“Previously, Sustainability Loans had a loan limit of $200,000 for stock and machinery purchases. This limit is no longer in effect, allowing both current loan-holders and new applicants to make significant investments for long-term success and productivity.

“Additionally, the interest-only period for repayments on both loans has been extended from two years to five.

“These changes, combined with interest rates as low as 3.11 per cent and no fees or charges, are a win for rural and regional Queensland and will have a flow on effect for the regional Queensland economy,” the Minister said.

The Minister encouraged primary producers to take advantage of the scheme and the significant funds available.

“These updates are available to both active account holders and to new applicants. With larger amounts at producer’s disposal, I look forward to watching Queensland producers take their enterprises to the next level in the coming months.”

QRAA administers PIPES on behalf of the Department of Agriculture and Fisheries.

A dedicated team of QRAA Client Liaison Officers, based across regional Queensland, are available to discuss the application process.

For more information, or to access guidelines and application forms visit www.qraa.qld.gov.au or Freecall 1800 623 946.

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