Western Australian farmers can now apply for an Australian Government drought relief loan of up to $1 million, according to News.com.au.
WA Minister for Agriculture Ken Baston and Federal Minister for Agriculture Barnaby Joyce yesterday announced $20 million in drought loan money is available to eligible farm businesses to restructure existing debt at a lower interest rate, finance ongoing costs as well as prepare and recover from drought.
To be eligible for drought concessional loans, a WA farm business must be experiencing a one in 20 years drought event, or a one in 10 years drought event that has caused significant financial impact.
Applicants must submit a valid Bureau of Meteorology ‘Rainfall Deficiency Report’ as part of their application.
Eligible farm businesses will receive a loan of up to $1 million or up to 50% of debt, whichever is lower, at an initial rate of 4% for a five-year period.
The Rural Business Development Corporation (RBDC) is administering the scheme to WA farm businesses that qualify.
“You have to put in you latitude or longitude (on the bureau of meteorology website) and it will then determine whether you’ve had a rainfall deficiency,