Southwest Victorian farmers are taking advantage of low-interest loans from Australian Government specialist farm business lender RIC (Regional Investment Corporation) to improve cash flow and gain financial breathing space to manage through dry conditions.
RIC Chief Executive Officer John Howard has reminded southwest Victorian farmers that a RIC low-interest loan may be a valuable option to access financial support for their farm business.
"In southwest Victoria, farmers are recognising the benefits of RIC loans, using them to refinance part of their existing debt to save on their agribusiness loan repayments and free-up cash flow to buy feed and water for livestock and cropping, pay operating expenses, and purchase capital infrastructure to improve their water storage," Mr Howard said.
"Our specialist team of agribusiness lenders are talking to farmers every day, and many tell us they just need some financial breathing space to manage through until they can get back on their feet."
New RIC low-interest loan applications from southwest Victorian farmers have more than doubled to 57 from 1 January to 30 April 2025 compared to 23 during the same time in 2024 as drying conditions continue.
Key points for RIC loans in southwest Victoria
- New RIC loan applications from southwest Victoria have more than doubled from 1 January to 30 April 2025 (57) compared to the same time last year (23).
- The southwest Victoria local government areas (LGAs) where the most loan applications have been received from are Moyne, Corangamite, Glenelg, and Colac Otway.
- Since 1 July 2018 RIC has settled 383 loans valued at more than $344 million in Victoria as at 30 April 2025, including 49 loans valued at more than $46 million in south-west Victoria.
- More than 70 per cent of all Victorian RIC loans settled since 1 July 2018 are for the Drought Loan as at 30 April 2025.
The RIC Drought Loan is a concessional loan from the Australian Government and is available to help eligible farmers throughout the drought cycle - whether they are in drought, recovering or manage their business risks to prepare for future events.
