Finance. There is less than a month remaining for local farmers to apply for the Australian Government’s Farm Finance Concessional Loan Scheme.
Loans of up to $650,000 over five years will be provided to farmers to support productivity enhancement and/or debt restructuring purposes. It is hoped to assist farm businesses experiencing debt-servicing difficulties but considered potentially viable in the longer term.
While the second round of the two-year scheme officially closes on Thursday April 30, a cap of $15 million in total has been provided for the initiative, meaning it will finish once the limit has been reached.
The initial interest rate for the loan is 4.5 per cent, and interest-only payments are available for up to five years.
A farmer liaison officer is being provided and delivered through the Tasmanian Farmers and Graziers Association.
For more information about the Farm Finance Concessional Loan Scheme, contact the TFGA on 1800 154 111 or email email@example.com.