Australian Government farm business lender, Regional Investment Corporation (RIC) joins producers, industry service providers and decision-makers at the Growing SA conference on 30 August 2023 to discuss its low-cost loans, supporting farmers across the state to remain prosperous and grow.
RIC has been providing low-cost loans to Australian farmers and farm-related small businesses since 1 July 2018 recently marking five years in operation. Since then, RIC has settled around 285 loans for South Australian farmers valued at over $281 million (as at 30 June 2023).
RIC loans are available to eligible South Australian farmers for drought and disaster preparation and recovery through its Drought Loan and Farm Investment Loan, and for first and next generation farmers through its AgriStarter Loan, all with a 4.52 per cent variable interest rate.
RIC CEO John Howard said the Growing SA conference is a timely reminder that RIC’s low-cost loans are available to eligible South Australian primary producers who might be looking to refinance part of their existing commercial loan at a lower variable interest rate.
“We want South Australian farmers and farm-related small businesses who may be experiencing financial challenges to know they are not alone and there are options out there to help them.
“As an Australian Government specialist lender, RIC low-cost farm loans can provide breathing space to help manage cash flow. Our loans help farmers with disaster preparation and recovery or provide finance for first generation and succession arrangements to accelerate their business plans,” he said.
“RIC recently announced our variable interest rate will remain at 4.52 per cent for the next 6 months with the next update on 1 February 2024. This brings some financial relief for eligible farmers looking to refinance some of their existing commercial loan.”
Farmers and agriculture industry advisers seeking to find out more about RIC loans can register for a free Farm Investment Loan webinar on Wednesday 25 October 2023 from 12pm to 1pm. Simply register at RIC events. RIC loans are available over a 10-year term with repayments over the first five years as interest only, then principal and interest repayments for the remaining five years.
