Body to re­duce loans red tape

Pilbara News - - Federal Budget 2017 - Ali­cia Per­era

A cor­po­ra­tion de­signed to pro­mote in­vest­ment in agri­cul­ture by di­rectly de­liv­er­ing con­ces­sional loans to farmers in need has been pro­posed in the Fed­eral Bud­get.

The Re­gional In­vest­ment Cor­po­ra­tion is due to be es­tab­lished next year in line with the Fed­eral Gov­ern­ment’s elec­tion prom­ise to re­duce bu­reau­cracy at a State level and stream­line sup­port loans for farmers in re­gional Aus­tralia.

It will be funded by $28.5 mil­lion over four years and ad­min­is­ter the Gov­ern­ment’s Farm Busi­ness Con­ces­sional Loans Scheme and the Na­tional Wa­ter In­fra­struc­ture Loan Fa­cil­ity. Kim­ber­ley and Pil­bara Cat­tle­men’s As­so­ci­a­tion vi­cepres­i­dent David Stoate said many of the is­sues the RIC was tar­get­ing in re­gional Aus­tralia were not key is­sues for North West pas­toral­ists.

How­ever, he said when it came to fi­nanc­ing in the agri­cul­tural sec­tor “there’s al­ways red tape to be cut”.

WAFarm­ers pres­i­dent Tony York said the or­gan­i­sa­tion was mostly pleased with the “mod­est gains” fore­cast for the State’s agri­cul­tural sec­tor by the Bud­get, in­clud­ing the RIC.

The RIC will be a cor­po­rate Com­mon­wealth en­tity and con­sist of a chief ex­ec­u­tive and an independent board with three part-time mem­bers.

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