Subsidised interest on loans of up to $300,000 to assist those affected by the temporary suspension of live animal exports is now available through the Government’s Subsidised Interest Rate Scheme, Agriculture Minister Joe Ludwig said on Friday afternoon.
The scheme will be administered through State and Territory rural assistance authorities, with the final go-ahead received from the Queensland, Northern Territory and West Australian Governments this week, Mr Ludwig said in a statement.
“To help businesses affected by the temporary suspension of cattle exports to Indonesia, the Australian Government will subsidise the interest on new or extended borrowings for up to two years,” he said.
Eligible businesses could now access a subsidy over two years on new lending facilities of up to $300,000. To get started, candidates should contact the rural assistance authority in their state or territory to discuss the application process.
Those who have already registered their interest for the Subsidised Interest Rate Scheme will be contacted shortly to discuss their eligibility.
Mr Ludwig reminded producers and other stakeholders that the Australian Government was also offering grants of up to $5500 through Centrelink to obtain financial advice.
“The financial advice grant can be used by cattle producers to pay for advice from their financial adviser, accountant or other professional to help with these decisions,” Mr Ludwig said.
Queensland minister for agriculture Tim Mulherin said in his state, QRAA had a proven track record in administering loan programs such as this Subsidised Interest Rate Scheme.
“This was shown through QRAA’s unprecedented number of approvals for assistance in the last year following Queensland’s summer of natural disasters,” Mr Mulherin said.
“I encourage those interest in applying for the scheme to contact QRAA.”