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19 May 2016: No state drought declaration? No problem - drought recovery finance still available

19 May 2016

Primary producers in Queensland Local Government Areas that are no longer state drought declared are reminded they may still be eligible to access low interest drought loans from QRAA that will aid in their drought recovery.

QRAA Chief Executive Officer, Cameron MacMillan, says that producers who have been impacted by drought should take advantage of the drought loans that QRAA administers on behalf of the Australian Government.

“Unlike some other assistance schemes, the Drought Concessional and Drought Recovery Concessional Loans available from QRAA do not require producers to have a state drought declaration to be eligible,” Mr MacMillan said.

“Even though a state drought declaration may have been revoked, producers in these areas may still be reeling from the effects of drought. For producers whose enterprise is still feeling the ongoing impacts of being in drought, Drought Recovery Concessional Loans are a particularly attractive finance option,” he said.

Mr MacMillan explains that the loan application process enables producers to apply now and have their loan funds approved and readily available for when the winter and/or summer rains arrive, allowing their planting and restocking to commence as soon as the conditions are suitable.

“Drought Recovery Concessional Loans provide up to $1 million to assist producers who’ve had improved seasonal conditions or have property plans in place for planting and restocking, at a reduced interest rate,” he said.

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

To be eligible for a Drought Recovery Concessional Loan, producers need to demonstrate three years impact of drought, or have had experienced a one in 50 or one in 100 year rainfall deficiency.

Producers looking for drought recovery finance should not self-assess their eligibility for these loans, but contact QRAA directly to talk about their individual situation and the application process.

To arrange a meeting with your local QRAA Client Liaison Officer either on-farm or in the office, contact QRAA on Freecall 1800 623 946.

More information about the loans, including application forms and scheme guidelines, is 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