The Regional Investment Corporation (RIC) welcomes the Australian Government's 2021-22 budget announcement that it will allocate $0.8 million to administer $37.5 million of existing RIC loan funding in 2021-22 will be allocated for a new Plantation Development Concessional Loan to be delivered by the RIC.
RIC Chief Executive Officer Bruce King said the RIC was pleased to be able to offer the new Plantation Loan product that would not only encourage new development but also support bushfire recovery.
"The RIC's purpose is to build a stronger regional Australia through its affordable loans and the new Plantation Loan aligns with this by supporting new development and encouraging regional bushfire recovery," he said.
"The Plantation Loan will be designed to encourage new plantations and replanting plantations damaged by the 2019-2020 bushfires.
"It will also support the forest industries goal to increase domestic wood supply by planting a billion new plantation trees over the next decade.
"The RIC is well placed to deliver the new Plantation Loan with all new loan applications received in 2021 currently within the RIC's 65-loan handling day target."
The Plantation Loan release date and guidelines will be published on the RIC website when available. To register to receive updates visit www.ric.gov.au/plantation.
