The Albanese Labor Government is delivering new support for farmers and producers impacted by prolonged drought through the Regional Investment Corporation (RIC).
The new Drought Hardship Loan available through RIC is now open to farm businesses that have been affected by drought for at least 24 months and expect further impacts over the coming season.
The Government has committed $1 billion for additional RIC loan funding, ensuring farmers and producers can continue to access loans like this.
The Drought Hardship Loan will provide short-term financial relief to assist with essential operating costs while farmers continue managing drought impacts and planning for recovery.
The loans are for up to $250,000 over a 5-year term on RIC's concessional interest rate, with no interest or principal repayments required for the first 2 years.
RIC is responsible for administering the loan program, including managing applications and assessing eligibility.
This new loan builds on the Albanese Labor Government's rural support and drought resilience commitments which have helped Australian farmers to prepare, adapt and respond to a range of hardships and issues including drought.
Since July 2022, the Albanese Government has invested over $1.29 billion in rural support and drought resilience funding.
