October 26, 2023
Locally owned and independent
The NR Times Rural News
RURAL NEWS 33
RIC free Farm Investment Loan webinar to help ‘good’ farmers hit by ‘bad’ times Australian Government farm business lender, Regional Investment Corporation (RIC) is hosting a free Farm Investment Loan webinar on 25 October 2023 for farmers, advisers and agriculture industry groups to learn more about how lowcost farm business loans can be used to support rebuilding and recovery after a severe financial impact. RIC Chief Executive Officer, John Howard said the Farm Investment Loan is for farmers who have had their business plans severely disrupted by factors outside their control causing a financial downturn. “The Farm Investment Loan recognises that often unexpected business shocks outside a farmer’s control can play havoc with financial plans over time, like being forced to sell stock or buying feed and water. RIC loans can
provide some financial relief with a low variable interest rate currently at 4.52 per cent and interest-only terms for the first five years of their loan to get back on their feet. “To be eligible for a low-cost RIC loan, farmers need to show their underlying business is solid, but need help to improve cash flow following an event like drought or a natural disaster,” said Mr Howard. “The webinar comes at a time when many farmers will be considering how they will manage through the predicted dry season. Some farmers may not realise the Farm Investment Loan can be used for drought management, recovery and to prepare their business for future events so we’d encourage anyone who wants to learn more to register online via our
RIC.gov.au website.”
customers, Bega Valley
Webinar participants
dairy farmers Brodie and
will hear how RIC
Kevin Game, used their
Dairy farmer Brodie Game from Blackjack Holsteins in the Bega Valley with her son. Brodie and her husband Kevin will talk to webinar participants about their RIC Farm Investment Loan.
Farm Investment Loan to upgrade irrigation for on-farm feed production improvements after experiencing consecutive impacts from drought, bushfires and floods. “The interest-only period for the first five years of the 10-year loan term was very enticing because it gave us more time to install the pivot and pay the money back once it made money for us,” said Ms Game. “Every disaster has changed our management of our business because it’s not an ‘if’ these things will happen again, it’s a ‘when’ and there are different levers we can pull to get through it.” The Farm Investment Loan is for preparation, management and recovery following a significant financial impact outside a farmer’s control. It could be due to drought, natural disasters, pest or disease outbreaks, unexpected
market closures or other significant restrictions. It is also for investing in a farm business to encourage diversity and new market opportunities. The Farm Investment Loan provides up to $2 million over a 10-year term with the first five years’ interest only followed by principal and interest for the remaining five years. The current variable interest rate is 4.52 per cent and there are no fees to apply, make extra repayments, or for early loan repayments. The free webinar is on 25 October 2023 from 12pm to 1pm, to register visit www.ric.gov.au/ events. For more on the Farm Investment Loan visit www.ric.gov.au/ farm-investment. Read more about Brodie and Kevin Game from Blackjack Holsteins’ story www.ric.gov.au/ customer-stories.
Statement on Australia joining international partnership for drought The National Farmers’ Federation supports Minister for Agriculture, Fisheries and Forestry Murray Watt’s announcement the Australian Government will sign on to the International Drought Resilience Alliance (IDRA). NFF President Fiona Simson said as a country characterised
by drought and seasonal volatility, greater collaboration was essential to supporting Australian farmers manage their farm businesses and landscapes for sustainability and longterm productivity. “Farmers are at the forefront of the impacts of climate change and actively work towards
increased drought preparedness and resilience,” Ms Simson said. “It’s critical we continue to build these international relationships at a government level and also an industry level to facilitate farmerto-farmer knowledge sharing. “No one understands
the impact of drought like farmers do, so we must use this understanding and experiences to drive these international collaborations. It is important we continue to facilitate new ideas, innovations and policies to support farmers in the face of drought.” With El Niño conditions confirmed,
working with collaboratively with international counterparts will help share the tough lessons learned on the ground in our respective countries and accelerate efforts toward navigating the increasingly challenging environmental conditions. The IDRA is an
initiative developed at the United Nations Framework Convention on Climate Change (UNFCCC) COP27. The NFF is pleased to again be attending COP28 to highlight the commitment and efforts of Australian farmers to mitigate and adapt to the impacts of climate change.
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LILYVALE DOZERS TA B U L A M
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CLARENCE COAST CONSTRUCTIONS 6643 2428
“Forget the rest, get the best. For all your Roading, Clearing, Dams and Fire Breaks”
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