The Federal Government has announced that drought affected farmers can now apply for concessional loan assistance through its $320 million drought aid package.
“This funding is on top of our own support package and together they will grow a strong agriculture industry with a bright future, as we promised at the election. The concessional loans now available are for a term of five years with interest rate of four per cent. The loans will be for up to 50 per cent of eligible farm business debt, to a maximum of $1 million,” he said.
“The Federal Government has earmarked $100 million of its national package specifically for Queensland in recognition of how severe conditions are in our state. This funding is to support viable farming enterprises struggling while the drought persists. It is also to help meet business running costs and to put in place measures in preparation for future droughts.”
For access to these loans, the Federal Government has introduced a new process based on rainfall deficiencies, which requires applicants to submit a valid Bureau of Meteorology Rainfall Deficiency Report as part of their application.
The Rainfall Deficiency Report can be generated by filling in the request form at www.qraa.qld.gov.au