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16 February 2016: Local farmers urged to access share of drought finance

16 February 2016

Farmers in the Wide Bay and Fraser Coast region who have experienced below average rainfall in recent years should take advantage of the $45 million available in concessional finance, according to QRAA Client Liaison Officer, Mark Barrett.


Mr Barrett reminds farmers they do not have to be in a state drought declared area to be eligible for the low interest concessional loans and encourages them to apply for the loans while they are still on offer.

 

“Much of the Fraser Coast remains in a one-in-ten year or one-in-twenty year rainfall deficiency, making growers eligible to apply for both a Drought Concessional Loan and a Drought Recovery Concessional Loan of up to $1 million each,” Mr Barrett said.

 

“A Drought Concessional Loan can provide up to $1 million dollars of debt refinancing at 3.05%, farmers may also borrow funds to assist farm carry-on expenses.”


“A Drought Recovery Concessional Loan can assist farmers who’ve had improved seasonal conditions or have property plans in place for replanting, establishing crops and harvesting or restocking with livestock at a reduced interest rate.

 

“The loans have a low interest rate of 2.71 per cent, making them a very attractive option for growers to invest in drought recovery activities. The rules have changed slightly for the current 2015-16 scheme so it is easier for applicants to secure one of these loans. 

 

“With so many dryland canegrowing operations in the area, it is understandable that reduced yields were experienced in recent years; these loans are there to give an enterprise some breathing space whilst returning to normal production.”

 

Mr Barrett stresses that producers should not self-assess their eligibility for these loans, but contact him directly to talk about their individual situation and the application process.

 

“The first step will be obtaining a rainfall deficiency report through the QRAA website,” he said.

 

To arrange a meeting with Mark Barrett either on-farm or in the office, contact him on 0417 775 547 or Freecall 1800 623 946.

 

More information about the loans, including application forms and scheme guidelines are available on QRAA’s website www.qraa.qld.gov.au or by calling Freecall 1800 623 946.

 

The Drought Recovery Concessional Loans Scheme is an initiative of the Australian Government administered by QRAA.

Last updated
10 May 2017