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4 September 2019: $100 million available to help boost agriculture, interest rates drop to 2.22%

4 September 2019

UP TO $100 million in low interest loans is available to help boost Queensland’s agriculture industry this financial year through the State Government’s Primary Industry Productivity Enhancement Scheme (PIPES).

UP TO $100 million in low interest loans is available to help boost Queensland’s agriculture industry this financial year through the State Government’s Primary Industry Productivity Enhancement Scheme (PIPES).

New interest rates announced on September 1 available through the Queensland Rural and Industry Development Authority (QRIDA) administered scheme dropped to 2.22% for one year fixed terms.

Rates of 2.20% are available on three-year fixed terms and 2.29% on five-year fixed terms.

It’s the eighth month the PIPES interest rates have dropped since February.

The scheme provides First Start Loans provide of up to $2 million to assist in the early years of establishing a primary production enterprise and Sustainability Loans of up to $1.3 million to assist in achieving a more productive and sustainable primary production enterprise.

Last financial year close to $90 million was distributed to primary producers across close to 200 applications.

The low-interest loans come with terms of up to 20 years and with one, three or five year fixed rates and no fees or charges.

QRIDA Central Highlands and West Regional Area Manager Bradley Whittington said new and existing primary producers in Central Queensland could access the $100 million available this financial year.

“Sustainability Loans are an attractive option for established primary producers to build or diversify their enterprise and the loans can also be used to help prepare for drought and disaster and support jobs or private sector investment,” Mr Whittington said.

“This might be through improving infrastructure such as fences, water storage, grain and feed storage and irrigation, upgrading plant and equipment.

“Producers can also use these loans for purchasing livestock, improving energy efficiency through renewable energies and diversification into other on-farm enterprises.”

“We’d also be interested to hear about investments relating to biosecurity or those which will have a positive impact on reducing erosion, runoff, carbon emissions and other property projects focused on environmental outcomes.”

Mr Whittington said First Start Loans up to $2million were able to help young aspiring producers looking to establish their first primary production enterprise or carry out succession planning with their family.

“I encourage interested producers not to self-assess but to get in contact with me to find out how our productivity loan can help you start your farming business or make it more profitable and sustainable over the longer term,” he said.

For more information see www.qrida.qld.gov.au or Freecall 1800 623 946.

QRIDA contact Emma Clarke - 3032 0137

Last updated
4 September 2019