The Regional Investment Corporation (RIC) is pleased to participate in this week’s Young Farm Business Program (YFBP) Conference in Dubbo, NSW and expects plenty of interest in its AgriStarter Loan for new farmers and farm business succession.
The AgriStarter Loan provides interest-only periods at a low interest rate to assist first-time farmers wanting to buy, establish or develop their first farm or support farm business succession on amounts up to $2 million over a 10-year loan term.
RIC Executive Director Program Delivery Alli Gartrell said the team anticipated young farmers would be particularly interested in what the RIC’s AgriStarter Loan has to offer.
“We have already been receiving plenty of interest in the AgriStarter Loan from both first-time farmers looking to enter the farming industry through a new farm business or for intergenerational farming families considering their succession planning options,” she said.
“The team will be available during the Young Farmer Business Program Conference, a NSW Department of Primary Industries initiative, to talk more about the AgriStarter Loan, and you can find them at the tradeshow on Friday 28 May.”
The AgriStarter Loan was launched on 1 January 2021 for new farmers and farm business succession planning and provides up to $2 million over a 10-year term. The first five years of the loan are interest only followed by five years’ principal and interest. The current variable interest rate is 1.77 per cent.
The RIC is also seeking feedback from new farmers to understand the difficulties and challenges new farmers face in accessing finance to buy, establish or develop a farm business. To complete the anonymous survey, visit ric.gov.au/survey.