6 years ago
Low-interest loans for farmers in drought doubled
David Littleproud MP
Minister for Agriculture David Littleproud said the Coalition Government had also doubled the total funding available for low-interest loans in any given year to $500 million.
“These loans will help those in hardship, including drought,” Minister Littleproud said.
“When farmers transfer their commercial loans to our low-interest loans, good savings can be made.
“The first five years of these loans will remain interest-only.
“Farmers with existing government loans will also be able to switch to these Regional Investment Corporation loans to access the interest-only period.
“We made this commitment to farmers on 19 August and today we delivered.
“We can’t make it rain but we can help our farmers survive the drought which is affecting so many farming families.”
The Coalition Government has announced additional support for farmers facing drought totalling more than $1.8 billion, including $75 million for the drought communities program and immediate deductions for fodder storage assets.