Regional Investment Corporation (RIC) loans are now available to more eligible farm businesses.
Eligibility has been expanded to align with ANZSIC codes and now includes horse breeders, turf farmers, tea tree, lavender, pharmaceutical/cosmetic plant growers, nursery and floriculture growers.
RIC Acting Chief Executive Officer Paul Dowler said the RIC is pleased to be able to make more farm businesses eligible nationally.
“This new farm business definition recognises the diversity of Australian agriculture and is our response to industry need and emerging markets,” said Mr Dowler.
“The change follows consultation in 2021 with Australia’s agricultural industry, who largely supported expanding the definition to support more farm businesses.
“The broadened eligibility also supports the sector’s target to become a $100 billion industry by 2030,” said Mr Dowler.