Regional Investment Corporation (RIC) will host a free online webinar this month for first and next generation farmers.
The federal government farm business lender will host the webinar on Wednesday, May 29 for farmers, financial advisers, business planners and rural counsellors to learn more about how low-interest RIC loans can assist eligible first and next generational farm businesses accelerate their business plans.
Chief executive officer John Howard said RIC loans could help purchase property, land or the business, refinance or restructure existing farm debt to improve cash flow and provide access to new funding to manage operating costs and capital expenditure.
“The RIC AgriStarter Loan offers financial ‘breathing space’ for new farmers with a minimum of three years on-farm experience to improve cash flow, refinance a portion of their existing agribusiness debt or implement succession plans to fast-track their business growth and productivity,” he said.
“Whether you are growing your own farm business or taking on the family farm, this webinar will discuss how RIC loans can help eligible farm businesses start-up, set-up and grow.”
RIC customer Scott Carter and his wife Allison from Victoria were successful in applying for an AgriStarter Loan to assist them and he said the loan terms were “ideal for start-up farm businesses like mine which may take time and funds to invest in infrastructure, livestock or produce” before gaining a return.
“RIC loans are interest-only repayments for five years and then you start repaying principal for the next five years,” he said.
“This helps your cash flow immensely in the first five years when you’re setting up.”
The AgriStarter Loan is available to all eligible applicants across Australia and offers up to $2 million in borrowings, with affordable interest rates, no application or ongoing account keeping fees and ability to repay early before the end of the 10-year loan term.
To register for the free online webinar to find out more about the AgriStarter Loan, visit ric.gov.au/events
The webinar will be held from noon to 1pm – AEST – and a recording will be emailed to registered participants after the event.
