ANNOUNCED AS TEMPORARYNo
On 20 February 2018, the Australian Parliament enacted the Regional Investment Corporation Act 2018 that sets the structure and functions of a new investment agency responsible for providing local farmers with new government-funded low-interest loans.
The total budget allocated to this instrument is AUD 2 billion (over USD 1.4 billion) which will be delivered in the form of Farm Investment Loans and Drought loans.
With regard to Farm Investment Loans, farmers can obtain up to AUD 1 million (USD 719,000) with a 3.58% variable interest rate as long as their business is in need of financial help; mainly sell products interstate or outside Australia; and are financially viable.
As for the conditions of the Drought loans, the resources have been limited to AUD 1 million per farmer (USD 719,000) and also enjoy a 3.58% variable interest rate. Only farmers in need of financial help located in certain regions of the country with financially viable business, can apply to these loans.
The Regional Investment Corporation will open for business on 1 July 2018.
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