Crowd sourced funds
A KATTER Party candidate for the seat of Flynn has had enough of farmers being treated badly by banks and governments in the greater Bundaberg and North Burnett region.
Richard Love has decided he will do something about it, starting a new crowd sourcing campaign for an interest-free rural bank.
“The government has a thing at the moment through the QRAA, which gives you a loan, but the criteria to get that loan is more stringent than a bank loan,” Mr Love said.
“The chance of getting it is near zero.
“If you get the loan you can’t use it to square off a higher interest rate loan you have.”
Mr Love said this left farmers worse off.
“It’s like having a flat tyre and the government comes along and are like here is another flat tyre,” he said.
“They give you another loan you cannot afford when you have another loan you cannot afford.”
This led Mr Love to the idea to create a crowd sourced rural bank, called FarmBank, for farmers in need.
“Between Cairns and Melbourne, there are many people that want (farmers) to feed them,” Mr Love said.
“When people realise farms aren’t going to be here much longer, they may turn around and help.”
Mr Love said he believed the fund could raise “a few million dollars”.
“It lays out what is wrong and where we can help farmers get out of the rut they are in,” he said.
“Basically what it will be is interest free loans tailored to farms and farmers based on their specific needs.
“We can fix some of the issues in the industry by crowd funding to help the farmers.”
Mr Love said he used to be a cane farmer in Bucca, just outside of Bundaberg, until it became too expensive to run his business.
He said while the initiative was separate from his political activities in the KAP, party leader Bob Katter knew about the idea and was supportive.
FUNDING PITCH: Katter Australian Party candidate Richard Love decided to crowd source a rural bank.