RIC interest rate cut continues to back farmers

first_imgRIC interest rate cut continues to back farmers The Hon David Littleproud MPMinister for Agriculture, Drought and Emergency ManagementFarmers and farm-related small businesses across regional Australia will be further supported from today, with the interest rate on Regional Investment Corporation (RIC) loans dropping to a record low of 1.77 percent.This interest rate drop to record low levels, comes as part of a regular six-monthly review of the RIC’s concessional interest rate.Minister for Agriculture, Drought and Emergency Management, David Littleproud, and Minister for Finance, Simon Birmingham, said the reduced interest rate would provide significant financial assistance to farmers and farm-related small businesses that are in most financial need.“The Australian Government is continuing to deliver on its commitment to back Australia’s farmers during tough times like drought,” Minister Littleproud said.“We remain committed to providing practical help to rural and regional communities to achieve economic growth and agricultural productivity.”Minister for Finance Simon Birmingham said RIC loans continued to provide crucial financial assistance to farmers who need it most.“This further rate reduction will put more money in the pockets of our hardworking farmers, helping to boost their cash-flow and support them to further invest in growing their operations,” Minister Birmingham said.“These loans are all about backing Australian farmers who are doing it tough by helping them to rebound and continue to support regional economies and regional jobs.”Fast FactsRIC loan programs encourage growth, investment and resilience in Australia’s rural and regional communities. The RIC’s suite of loan programs includes Drought Loans, Farm Investment Loans, AgBiz Drought Loans and the recently launched AgriStarter Loan. Drought Loans assist farmers in preparing for, managing and recovering from drought. The loans can refinance existing debt, fund drought-related activities or productivity enhancements, or pay for operating expenses. AgBiz Drought Loans assist small agriculture dependent businesses manage through drought. The loans can refinance existing debt or pay for operating expenses. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Agriculture, Australia, Australian, Australian Government, drought, Emergency, Emergency Management, Fast Facts, finance, Government, Investment, Minister, record low, resilience, Small Business, the Pocketlast_img read more