The second application period for 2013-14 under the Farm Finance Concessional Loans Scheme will open to applications on 6 January 2014.
QRAA will be administering applications under the Scheme on behalf of the Australian Government.
The Australian Government has announced that Queensland will have an additional $20 million in 2013-14 to provide Concessional Loans to eligible Queensland farm businesses for debt restructuring. This brings the total available for 2013-14 to $50 million.
The Australian Government has also announced that it has increased the concessional loan amount from $650,000 to $1 million for Queensland businesses, for terms up to 5 years with an initial concessional interest rate of 4.5 per cent to eligible farm businesses.
The closing date for the second application period is 31 March 2014. Applications will be assessed in order of receipt.
QRAA Chief Executive Officer, Colin Holden, welcomes the increase of the concessional loan amount to help primary producers through tough climatic times.
“The Concessional Loans are being administered to provide primary producers with much needed financial breathing space by restructuring their existing debt,” Mr Holden said.
“Farm businesses have been hard-hit in Queensland in recent years from floods to drought; this scheme will be of great assistance to them.
“I urge primary producers to consider the Farm Finance Concessional Loans Scheme if they require financial assistance and not to self assess if unsure about eligibility.
“QRAA Client Liaison Officers are available to visit on farm to talk about individual circumstances and help with the application process.”
Source: QRAA. For more information about the Farm Finance Concessional Loans Scheme (Queensland) visit QRAA’s website www.qraa.qld.gov.au or Freecall 1800 623 946.
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