Regional Investment Corporation Expands Eligibility for Farm Business Loans Starting July 1 to Support Farm Sector | Central Western Daily Newspaper – Natural Self Esteem

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Horse breeders, peat farmers, tea tree and lavender growers are among those eligible for a farm loan from the Regional Investment Corporation beginning July 1 after the RIC’s expanded farm definitions. The eligibility update follows the industry and public consultation completed by the RIC in late 2021. “Australian agriculture is diverse and constantly evolving to meet new and emerging markets, so it has been an important time for the RIC, several years into our operations, to ask the industry and the public if our creditworthiness should be enhanced,” said Paul Dowler, Acting Chief Executive Officer of RIC.”Most of the 85 responses we received to the industry and public consultation agreed that more farm businesses should be eligible, so we listened to that feedback for small businesses.” and plantation farmers to support regional Australia and the agricultural sector’s goal of becoming a $100 billion industry by 2030 by acquiring a farm, developing an existing farm or acquiring farmland.” Farms currently eligible for RIC loans include primary production of grains, fresh fruits and vegetables, meat and meat products, milk, sugar cane, grapes, natural fibers and edible fish, molluscs, crustaceans and aquatic plants. The expanded farm definitions are based on industries performing eligible primary production activities listed under the Australian New Zealand Standard Industrial Classification 2006 (ANZSIC) 1292.0 (Revision 2.0) Codes 01 (Agriculture), 02 (Aquaculture) with some exceptions. As a result, as of July 1, 2022, eligibility will be extended to include horse breeders, peat farmers, tea tree, lavender, pharmaceutical/cosmetic plant growers, market gardens and flower growers (unless they were already eligible to supply primary production such as animal shelters, girdles and rootstocks). For more information on RIC loans, visit www.ric.gov.au/loans. For more stories, download the Central Western Daily news app from the Apple Store or Google Play. HAVE YOUR MESSAGE Send a letter to the editors using the form below:

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