The Australian Government’s Regional Investment Corporation has commenced its AgBiz Drought Loans Program.
Eligible drought-affected small businesses can apply for up to $500,000 to refinance your debt, pay for operating expenses, pay suppliers or pay salaries, wages and rent. You can apply at any time.
A ten (10) year loan with no charges for early settlement, the first two (2) years interest free with no repayments, required, then three (3) years interest only (currently 3.11% variable) with the last 5 years principal and interest.
For all the details, visit the Regional Investment Corporation at ric.gov.au/agbiz-drought or phone them on 1800 875 675 to discuss specific situations including eligibility criteria.
If you decide to proceed with a loan application, the small business counsellors at the Rural Financial Counselling Service Southern Queensland (Charleville office) will be pleased to provide free, confidential assistance to prepare an application. You can contact them on (07) 4654 3455 (www.rfcssq.org.au).