$100m invested in Queensland primary producers this financial year
6 March 2020
Queensland primary producers have invested close to $100m in their enterprises this financial year through low-interest productivity loans provided by the Queensland Rural and Industry Development Authority (QRIDA) on behalf of the State Government.
Close to 200 applications have been approved under the Primary Industry Productivity Enhancement Scheme (PIPES) including $47 million in First Start Loans to help primary producers in the early years of establishing their business and $43 million in Sustainability Loans to assist established operators achieve more productive and sustainable enterprises.
QRIDA CEO Cameron MacMillan said the $90 million in approved loans plus those applications currently being processed or in the immediate pipeline would see that $100m target reached within this month.
“Given the strong demand for First Start and Sustainability Loans this financial year, applications for new loans will close on Friday 13 March when we expect to reach our $100 million target, with the next funding round to open from 1 July,” Mr MacMillan said.
He said the record rate of take-up of these productivity loans was very positive with four in five, or close to 80% of loan applications received approved this financial year, and on average these loans were processed well within our 20 business day benchmark.
Mr MacMillan said QRIDA’s Sustainability and First Start Loans had been used for a wide range of purposes again in 2019-20 to help support and grow Queensland agriculture.
“Sustainability Loans of up to $1.3 million have been used by producers to invest in water infrastructure and drought mitigation measures, make the most of renewable energy systems or advancing agtech, purchasing livestock and other investments to increase the productivity of their primary production enterprise,” Mr MacMillan said
“First Start Loans of up to $2 million have helped new and next generation primary producers to purchase their first property, buy into the family farm business or lease country. To date this financial year, close to $50m has been approved for beef cattle producers, while sheep, sugarcane and dairy producers have also been able to benefit from the loans.
“QRIDA has also been able to support more niche industries, including prawn fishing, pig farming and berry growing enterprises. Since the PIPES scheme opened 25 years ago, more than $1bn has been invested in primary production enterprises across the state. Since 2016-17, the Queensland Government has increased the annual PIPES funding from $60 million to $100 million.”
Mr MacMillan encouraged producers to get in touch with their Regional Area Manager for more information or to discuss their individual application.
QRIDA’s network of Regional Area Managers are on the ground in Innisfail, Cloncurry, Emerald (with an office in Longreach), Roma, Toowoomba, Brisbane, Bundaberg, Rockhampton, Mackay, Kingaroy and Townsville.
For more information see www.qrida.qld.gov.au or Freecall 1800 623 946.
