July 1, 2019
The Regional Investment Corporation – a lending body set up by the Federal Government in 2018 – will cut its rates from August 1.
The RIC delivers farm business concessional loans and National Water Infrastructure loans to farmers.
“I’m pleased to support the reduction in the RIC Loan rate to 3.11 per cent,” Rural Finance Minister and Member for Maranoa David Littleproud said.
“The RIC’s average rate is 2 per cent lower than the commercial lenders.
“On a $500,000 loan, that’s a saving of around $10,000 a year.
“The RIC is seriously helping farmers in hardship, farmers in drought, and farmers who want to build dams.
“In the past financial year alone, the RIC approved 172 loans worth almost $166 million.
“I’m also excited the RIC is providing a real and cheaper alternative to major banks and bringing more competitive tension to the market.”
