More funds and lower rates for farm loans
THE newest round of the Queensland Government’s First Start and Sustainability Loans are open, with more funding and lower interest rates.
Agriculture Minister Bill Byrne said the 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,” Mr Byrne said.
Interest rates have dropped as low as 3.02% for loans drawn from Saturday, July 1.
“These rates present an incredible opportunity for Queensland’s producers, both aspiring and established, to take the next step,” Mr Byrne said.
“Whether that’s into full-time primary production or towards a more profitable operation.”
First Start Loans provide up to $2 million to assist in the early stages of establishing a primary production enterprise.
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.
The loans are administered by the Queensland Rural and Industry Development Authority and are designed to help eligible and next-generation farmers to enter the agricultural industry and encourage existing primary producers to build, expand and improve their enterprise for long-term profitability and sustainability.
Producers are encouraged to speak to one of QRIDA’s nine regional area managers in order to make the most of the programs.
For further information about the loans or the QRIDA visit www.qrida.qld.gov.au or phone toll-free 1800 623 946.
UPTAKE INCREASE: Ag Minister Bill Byrne says First Start and Sustainability Loans are pen.