April 5, 2022
More farm businesses will be able to apply for Regional Investment Corporation loans after the Federal Government revised the definition of a “farm business”.
The new definition, which comes into effect on July 1, now includes thoroughbred breeding, turf farming, nursery, floriculture and medicinal crops.
“RIC loans provide vital assistance to farmers and encourage growth, investment, and resilience in Australia’s rural and regional communities,” Agriculture Minister David Littleproud said.
“The eligibility update follows industry and public consultation in late 2021 that asked if the loan eligibility should be expanded, to which most agreed.
“Businesses in the newly eligible industries will still be required to meet the RIC’s existing loan eligibility requirements, including to be in financial need of a loan and be financially viable in the long term.”
- More information is available on the RIC website
