Bank dou­bles farm start-up loans

South Waikato News - - NEWS -

Australia New Zealand Bank has dou­bled its farm start-up loan fund from $60 mil­lion to $120 mil­lion fol­low­ing strong in­ter­est from young farm­ers.

The bank’s com­mer­cial and agri-man­ag­ing di­rec­tor Gra­ham Tur­ley said the loans, avail­able over five years, were de­signed to help young farm­ers take their first step to­wards farm own­er­ship.

The aim is to help new farm­ers get started in their first in­de­pen­dent farm­ing po­si­tion, for ex­am­ple as a con­tract milker or in leas­ing land, as a first step to­wards rais­ing fur­ther cap­i­tal and buy­ing a farm.

Avail­able through ANZ and Na­tional Bank agri-man­agers, up to $50,000 of an ap­pli­cant’s loan may be un­se­cured.

The pack­age also in­cludes ex­pert sup­port in­clud­ing coach­ing and sem­i­nars to help new farm­ers man­age their busi­ness. Tur­ley said about 100 new farm­ers were ex­pected to take up pack­ages by June.

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