More farm businesses will be able to apply for Regional Investment Corporation (RIC) loans under a revised definition of 'farm business' resulting from a public consultation process.
Minister for Agriculture and Northern Australia, David Littleproud, said the expanded definition will allow more farm businesses to apply for concessional loans to support the long-term strength, resilience, and profitability of their businesses.
"I welcome this change of definition as it allows RIC loans to be made to additional industries that are contributing to the agricultural industry's target of a $100 billion sector by 2030." Minister Littleproud said.
"From 1 July 2022, the revised definition will make the RIC's concessional loans available to a number of new industries, including the thoroughbred breeding, turf farming, nursery, floriculture, and medicinal crop industries."
"RIC loans provide vital assistance to farmers and encourage growth, investment, and resilience in Australia's rural and regional communities. The eligibility update follows industry and public consultation completed by the RIC in late 2021 that asked if the loan eligibility should be expanded, to which most agreed.
"Businesses in the newly eligible industries will still be required to meet the RIC's existing loan eligibility requirements, including to be in financial need of a loan and be financially viable in the long term."
