Bill Byrne
The State Government’s First Start and Sustainability Loans are open for application again, with more funding and lower interest rates this year.
The loans are designed to help eligible next generation farmers enter agriculture, and encourage existing primary producers to build, expand and improve their enterprise for long-term profitability and sustainability.
They loans are administered by the Queensland Rural and Industry Development Authority (QRIDA), formerly known as QRAA.
Agriculture Minister Bill Byrne said uptake of the loans had increased dramatically since they were introduced in 2015.
“$116 million was approved in 2016-17, compared to $64 million the previous financial year,” Mr Byrne said.
“The government continues to meet that increased demand and help even more Queenslanders reach their farming goals, with $120 million being made available under these programs for 2017-18.”
Making the no-fee, government-backed loans even more attractive, interest rates have also dropped to as low as 3.02 per cent for those drawn down from July 1, 2017.
“These rates present an incredible opportunity for Queensland’s producers, both aspiring and established, to take the next step – whether that’s into full time primary production, or towards a more profitable operation,” Minister Byrne said.
First Start Loans provide up to $2 million to assist in the early stages of establishing a primary production enterprise.
Sustainability Loans of up to $1.3 million allow existing producers to invest in the long term success of their business through expansion, diversification and on-farm improvements.
Producers are encouraged to speak to one of QRIDA’s nine Regional Area Managers in order to make the most of the programs.
These local representatives are available to meet on-farm to discuss individual goals and circumstances, explain eligibility requirements and walk producers through the application process step-by-step.
For more information on First Start and Sustainability Loans, visit the QRIDA website or freecall 1800-623-946.
