The Regional Investment Corporation (RIC), an Australian Government low-interest farm business lender, has successfully settled over $3.24 billion in 3,000 farm loans since its inception in July 2018.
RIC Chief Executive Officer John Howard celebrated reaching 3,000 farm loan customers, expressing satisfaction with the company’s support of Australian farmers during succession, start-up, and financial challenges.
“We’re proud to support Australian farmers with our low-interest loans to build farm businesses like our low-interest loans to build farm businesses like our 3,000th customer, Earth Eggs, operated by South Australian egg producers, Trudy and Andrew Pilmore,” Howard said.
“Agriculture is a challenging industry to start out and operate in, but RIC exists to provide some financial relief to family-owned farm businesses across Australia.”
The Pilmores, owners of Earth Eggs in West Range, South Australia, secured a low-interest RIC AgriStarter Loan at the end of 2023 to expedite their business plans after purchasing the egg production business in September 2022.
“We were looking at how we were going to finish off some of the projects to build the business and it was pretty tough with the interest rates – our cash flow was very tight,” Andrew Pilmore commented.
Earth Eggs, a company with 8000 hens, produces up to 4500 eggs daily using pastured free range production methods, ensuring ground cover, plant species, and grain for the hens to consume in addition to grain.
