More funding and lower interest rates for farm loans

The Queensland Government’s First Start and Sustainability Loans are now open for application again, with more funding and lower interest rates.

Administered by the Queensland Rural and Industry Development Authority (QRIDA), the loans are designed to help eligible next generation farmers enter agriculture, and encourage existing primary producers to build, expand and improve their enterprise for long-term profitability and sustainability.

Agriculture Minister Bill Byrne said that uptake of these loans had increased dramatically.

“It is significant that $116 million was approved in 2016-17, compared to $64 million the previous financial year,” the Minister said.

“The Palaszczuk Government continues to meet that increased demand and help even more Queenslanders reach their farming goals, with $120 million being made available under these programs for 2017-18,” he said.

Making the no-fee, government-backed loans even more attractive, interest rates have also dropped to as low 3.02 per cent for those drawn down from 1 July 2017.

“These rates present an incredible opportunity for Queensland’s producers, both aspiring and established, to take the next step – whether that’s into full time primary production, or towards a more profitable operation,” Minister Byrne said.

First Start Loans provide up to $2 million to assist in the early stages of establishing a primary production enterprise, while Sustainability Loans of up to $1.3 million allow existing producers to invest in the long term success of their business through expansion, diversification and on-farm improvements.

Producers are encouraged to speak to one of QRIDA’s nine Regional Area Managers in order to make the most of the programs.

Based throughout Queensland, these local representatives are available to meet on-farm to discuss individual goals and circumstances, explain eligibility requirements and walk producers through the application process step-by-step.

Formerly known as QRAA, the Queensland Rural and Industry Development Authority has been supporting the growth of Queensland’s rural sector for more than 20 years.

For more information on First Start and Sustainability Loans, or how QRIDA is doing more for rural and regional Queensland, visit www.qrida.qld.gov.au or Freecall 1800 623 946.

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