Farm Finance Concessional Loans deadline extended for NSW farmers
Australian Government Minister for Agriculture, Barnaby Joyce, and NSW Minister for Primary Industries, Niall Blair, have announced that farmers in NSW will have more time to apply for a Farm Finance Concessional Loan.
Minister Joyce said the closing date for applications had been extended to 30 June 2015, to provide more time for farm businesses in NSW to take advantage of the loans scheme.
“This scheme provides low-interest loans to allow eligible farm businesses to restructure existing debt. These loans are intended to support farmers who are currently experiencing financial hardship, but whose businesses are commercially viable in the longer term,” Minister Joyce said.
“The Australian Government has made a total of $50 million in loans available to eligible farm businesses in NSW for the 2014–15 round of the loans scheme. Funding is still available.”
Minister Blair said that loans of up to $650,000 were available to eligible farm businesses, with an interest rate currently set at 4.34 per cent and a loan term of five years.
“Although the closing date for applications has been extended to 30 June, if you are interested in taking advantage of these loans, I encourage you not to delay in finding out more and submitting an application,” Minister Blair said.
Minister Joyce said that, in addition to the $420 million Farm Finance Concessional Loans Scheme, the Australian Government had a range of assistance measures available to farmers and rural communities experiencing hardship—including income support through the Farm Household Allowance and free financial counselling through the Rural Financial Counselling Service.
“I encourage farmers not to self assess their eligibility for any of these measures, but to talk to the experts and find out more about their options,” Minister Joyce said.
The Drought Concessional Loans Scheme and Drought Recovery Concessional Loans Scheme are also operating in NSW, and are delivered by the NSW Rural Assistance Authority. More information on the three loans schemes, including eligibility criteria and application details, can be found at raa.nsw.gov.au.
Loan applications for the Farm Finance, Drought, and Drought Recovery concessional loans schemes close at 5pm on 30 June 2015, or when funds are fully committed, whichever is sooner.
For more information on the range of Australian Government assistance available to farmers, farm businesses and rural communities, visit agriculture.gov.au/assistance.