Minister for Drought and Rural Finance David Littleproud has welcomed news the Regional Investment Corporation will cut its rates from August 1.
"I'm pleased to support the reduction in the RIC Loan rate to 3.11 per cent," Minister Littleproud said.
"The RIC's average rate is 2 per cent lower than the commercial lenders. On a $500,000 loan, that's a saving of around $10,000 a year.
"The RIC is seriously helping farmers in hardship, farmers in drought, and farmers who want to build dams.
"In the past financial year alone, the RIC approved 172 loans worth almost $166 million.
"Those are real farmers getting real help. I'm so glad the RIC is delivering and helping farmers.
"I'm also excited the RIC is providing a real and cheaper alternative to major banks and bringing more competitive tension to the market."
Background: The RIC has been operational since 1 July 2018. It was initially blocked by the senate in late 2017 but passed the senate in Minister Littleproud's first parliamentary week as Minister in February 2018.
