Could you benefit from a Regional Investment Corporation (RIC) loan?
A key to running a successful business is to ensure you have taken advantage of every opportunity that is available to you.
The Regional Investment Corporation (RIC) is a Federal Government-backed specialist finance provider for farmers and farm-related small businesses aiming to encourage growth, investment and resilience in Australia’s regional communities.
RIC loans are available under four categories:
1. AgriStarter Loan
| What is it for? | There are two kinds of AgriStarter loans – first farmer loans and succession loans. |
| Who can apply? | Eligible first-time farmers wanting to buy, establish or develop their first farm or Eligible farmers and farm businesses who are planning for and implementing succession arrangements |
| What is the loan amount? | Up to $2 million |
| Details | You can apply for a first farmer loan if you are seeking to purchase, establish or develop a farm business in which you hold or will hold the sole interest or a controlling interest. You can apply for a succession loan if your farm business is undertaking or has undertaken succession planning. |
For eligibility, purpose, loan terms, and resources, please use this link -
https://www.ric.gov.au/agristarter
https://www.ric.gov.au/AgristarterLoanGuidelines
2. Drought Loan
| What is it for? | Help to prepare for, manage through, and recover from drought. |
| Who can apply? | The Drought loan eligibility criteria has been updated to remove the requirement for applicants to demonstrate that they’re located in an ‘eligible area’. All other Drought loan eligibility criteria remains the same, including the requirement for farmers to demonstrate that their income has been affected as a result of drought. |
| What is the loan amount? | Up to $2 million |
| Details |
Prepare for drought. Manage or recover from the effects of drought. You can use the loan to:
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For eligibility, purpose, loan terms, and resources:
https://www.ric.gov.au/drought
https://www.ric.gov.au/DroughtLoanGuidelines
3. AgBiz Drought Loan
| What is it for? | Supporting regional Australians to take control of their business through the drought. |
| Who can apply? | You can only apply for this loan if your small business is currently or has been supplying goods or services relating to primary production to farm businesses in an affected area. |
| What is the loan amount? | Up to $500,000 |
| Details |
You can only apply for this loan if your small business is currently or has been supplying goods or services relating to primary production to farm businesses in an affected area. You can use the loan to
|
For eligibility, purpose, loan terms, and resources:
https://www.ric.gov.au/agbiz-drought
https://www.ric.gov.au/AgBizDroughtLoanGuidelines
4. Farm Investment Loan
| What is it for? | Loans to make your farm business stronger, more resilient and more profitable. |
| Who can apply? | You can apply for this loan if you solely or mainly sell products into supply chains that are interstate or outside Australia, or plan to in the future. |
| What is the loan amount? | Up to $2 million |
| Details |
Strengthen your farm business. Take steps to access markets interstate or outside Australia. Prepare for, manage through or recover from drought. You can use the loan to:
|
For eligibility, purpose, loan terms, and resources:
https://www.ric.gov.au/farm-investment
https://www.ric.gov.au/farm-investment-loan-guidelines.pdf
Want to speak to an expert?
The Money Edge can help you! Give us a call and make an appointment to discuss if a RIC loan is suitable for you and for
assistance with your loan application and requirement documents.
The Money Edge | Bundaber | Kerri Schulz
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