Skip links and keyboard navigation

5 July 2019: $1m loans available for flood-affected North West primary producers, businesses

5 July 2019

PRIMARY producers and business owners impacted during the North and Far North Queensland Monsoon Trough can now access low-interest loans of up to $1 million to help them restock, repair and rebuild over the longer term.

Exceptional Disaster Assistance Loans of up $1 million are available to help directly impacted primary producers and business owners across seven North West shires including Burke, Carpentaria, Cloncurry, Flinders, McKinlay, Richmond and Winton to get back to business following the unprecedent weather event in February.

The $1million loans are administered through the Queensland Rural and Industry Development Authority (QRIDA) on behalf of the Queensland and Commonwealth Government.

QRIDA spokesperson Brendan Egan said the new loan provided an additional level of assistance for those who sustained exceptional damage as a direct result of the disaster.

He said the loan at 1.37% for term of up to 10 years included no repayments of either principal or interest for the first two years of the loan and a further two years interest only period may also be available.

“This initial two year repayment relief will help give cash-strapped producers and business owners more time to recover and return to generating a normal income,” Mr Egan said.

“In addition to buying livestock to replace those lost in the disaster event, these loans are available to help primary producers meet carry-on requirements and essential property operations, re-establishing pastures and restoring property infrastructure.”

“The $1million loan can also be used as a producer’s matching co-contribution for the up to $400,000 Restocking, Replanting and On-Farm Infrastructure Grant that is administered by QRIDA on behalf of the Australian Government.

“Business owners can use the loans to repair of replace damaged plant and equipment or buildings and to meet requirements for carrying on their business operations including paying creditors, rates, rent and wages.”

Mr Egan said primary producers and business owners looking to the next stage of their flood recovery including larger scale investment in infrastructure repairs or restocking activities should contact QRIDA to discuss their options and take advantage of the new $1 million loan.

To date, QRIDA has approved close to $80 million in Special Disaster Assistance Recovery Grants to affected primary producers, small business owners and not-for-profit organisations across North Queensland.

In addition, QRIDA has approved 40 Disaster Assistance Loans of up to $250,000 for a total of $5.7millionand close to $6million in the co-contribution restocking grant.

Mr Egan urged producers not to self-assess but to contact QRIDA on Freecall 1800 623 946 or visit www.qrida.qld.gov.au.including application forms and guidelines.

-------------ENDS-------------

Media contact: Emma Clarke – 3032 0137

Last updated
5 July 2019