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Applications for productivity loans open soon

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Western Australian farm businesses are reminded applications for the second round of the Farm Finance Concessional Loans Scheme (WA) will open on July 1, 2014.

Agriculture and Food Minister Ken Baston said the maximum loan amount for farm businesses to undertake productivity enhancement activities under the scheme would be double that of the first round.

“This means under this second funding round, farm businesses will be able to apply for loans of between $50,000 and $400,000 at concessional rate of 4.5 per cent,” Mr Baston said.

“I welcome the Australian Government’s amendment to the scheme guidelines which allows farm businesses to accommodate larger productivity enhancement activities.

“We also invite applicants who received loans up to $200,000 in the first funding round to now apply for additional funds. We have written to each of them advising of the change, so they can take advantage of this new opportunity.”

The Minister also welcomed a variation which combines the dollar amount of net non-farm assets and liquid assets to no more than $821,500, with liquid assets not exceeding $400,000.

The scheme, funded by the Australian Government and administered by the Rural Business Development Corporation on behalf of the Western Australian Government, is aimed at boosting the productivity of broadacre, pastoral, horticulture, dairy, intensive agriculture, apiculture and aquaculture businesses.

A total of $25million is available in loans to farm businesses and can be interest-only at the concessional rate, with principal repayment at the end of the loan term.

Farm businesses can access more information at https://www.agric.wa.gov.au/ or by calling the free call information line on 1800 198 231.

Fact File

  • Applications open on July 1, 2014 and close on April 30, 2015 and will be assessed in order of receipt
  • Productivity improvements may include purchase of breeding livestock, fencing, soil treatment work such as lime application or purchase of machinery and technology such as GPS mapping systems

 

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