Queensland farmers concessional loans extended to June 30

QUEENSLAND farmers now have until June 30 to apply for a loan under the Australian Government’s Farm Finance Concessional Loans Scheme.

Federal Minister for Agriculture, Barnaby Joyce, and Queensland Minister for Agriculture and Fisheries, Bill Byrne, agreed to extend the application closing date to allow Queensland farm businesses more time to take advantage of the loans scheme. 

“These loans assist farm business in the short term with debt restructuring, productivity enhancements, or a combination of the two, and help build productivity and profitability in the longer term,” Mr Joyce said.

“The Australian Government has made a total of $50 million in loans available to eligible farm businesses in Queensland for the 2014–15 round of the loans scheme. Funding is still available.”

Mr Byrne said loans of up to $1 million were available to eligible farm businesses, with an interest rate currently set at 4.34 percent and a loan term of five years.

“Although the closing date for applications has been extended to June 30, if you are interested in taking advantage of these loans, I encourage you not to delay in finding out more and submitting an application,” Mr Byrne said.

In addition to the $420 million Farm Finance Concessional Loans Scheme, Mr Joyce said the Federal Government has 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.

“More than $113 million has been delivered to 205 farmers under the three concessional loans schemes available to Queensland primary producers," Mr Joyce said.

“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."

The Drought Concessional Loans Scheme and Drought Recovery Concessional Loans Scheme are also operating in Queensland, and are delivered by QRAA.

More information on the three loans schemes, including eligibility criteria and application details, can be found at qraa.qld.gov.au.

Loan applications for the Farm Finance, Drought, and Drought Recovery concessional loans schemes close at 5pm on June 30, or when funds are fully committed, Mr Joyce said, 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.

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