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 fnancial impact.

RIC Chief Executive Offcer, 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 fnancial downturn.

“The Farm Investment Loan recognises that often unexpected business shocks outside a farmer’s control can play havoc with fnancial plans over time, like being forced to sell stock or buying feed and water. RIC loans can provide some fnancial relief with a low variable interest rate currently at 4.52 per cent and interest-only terms for the frst fve 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 fow 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.”

Webinar participants will hear how RIC customers, Bega Valley dairy farmers Brodie and Kevin Game, used their

Farm Investment Loan to upgrade irrigation for on-farm feed production improvements after experiencing consecutive impacts from drought, bushfres and foods.

“The interest-only period for the frst fve 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 signifcant fnancial impact outside a farmer’s control. It could be due to drought, natural disasters, pest or disease outbreaks, unexpected market closures or other signifcant 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 frst fve years’ interest only followed by principal and interest for the remaining fve 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.