In the new year, Tasmanian farmers will have access to concessional loans to help those who need it get back on track and make sure their businesses are competitive and profitable.

Australian Minister for Agriculture, Barnaby Joyce, said Tasmania was the final state to agree the guidelines to deliver the Farm Finance Package’s concessional loans scheme and it was great that Tasmanian farmers would soon have better access to support.

“Eligible farm businesses will have access to five year loans of up to $650,000 for productivity enhancement activities. These loans will assist farm businesses make good business decisions and become more profitable in the future,” Minister Joyce said.

“Loans of up to $650,000 for eligible farm businesses will also be available for debt restructuring. This is about helping farmers and their families who are doing it tough,” Minister Joyce said.

Parliamentary Secretary to the Minister for Agriculture, Senator Richard Colbeck, said the loans could help farmers plan for their future and build resilient and profitable businesses.

“Tasmanian farmers will have more support for their businesses, with the interest rate initially set at the low 4.5 per cent and interest only payments available for up to five years,” Senator Colbeck said.

“This is great news for Tasmanian farmers, I look forward to seeing applications open in the new year,” Senator Colbeck said.

The loans will be delivered by Tasmanian Development Resources (TDR) with support from the Department of Economic Development, Tourism and the Arts (DEDTA).

The Australian Government also offers support to farmers through the Rural Financial Counselling Service, the Farm Management Deposits Scheme and the Transitional Farm Family Payment.

Source: DAFF. For more information on Farm Finance visit: www.daff.gov.au.