More Funding for Farm Loans

The Queensland Government’s First Start and Sustainability Loans are now open for application again, with more funding and lower interest rates.farm loans

$120 million is being made available under the programs for 2017-18.

Administered by the Queensland Rural and Industry Development Authority (QRIDA), 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.

Agriculture Minister Bill Byrne says that uptake of these loans had increased dramatically.

“It is significant that $116 million was approved in 2016-17, compared to $64 million the previous financial year.”

The no-fee loans will see interest rates drop to as low 3.02 per cent for those drawn down from 1 July 2017.

First Start Loans provide up to $2 million to assist in the early stages of establishing a primary production enterprise, while 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 can access loans and check on eligibility by speaking to one of QRIDA’s Regional Area Managers or for more information on First Start and Sustainability Loans, or QRIDA visit www.qrida.qld.gov.au / Freecall 1800 623 946.