AGRISTARTER Loans are now available for new and established farmers on the Coffs Coast.

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The Regional Investment Corporation (RIC) AgriStarter Loan has two uses, supporting new farmers to purchase, establish or develop their first farm business, or to assist existing farm businesses with succession planning arrangements.

Successful applicants can use the loan to fund the purchase of an existing farm business, including land, infrastructure and other farm business assets, fund the purchase of land, infrastructure and other farm business assets as part of establishing or developing a farm business, buy out relatives during farm business succession, pay costs associated with the succession planning process, and pay for legal costs or stamp duty fees.

If you’ve recently purchased a farm business or received it as part of succession arrangements and are seeking capital to get it up and running you can use the loan to invest in new infrastructure, machinery or productivity enhancements, cover operating expenses, or refinance existing debt at a low interest rate to improve cash flow.

RIC CEO Bruce King said the AgriStarter Loan provided affordable terms to support eligible new and intergenerational Australian farmers to purchase a new farm business, establish or develop their farm business or enter an existing farm partnership.

“The AgriStarter Loan can assist new farmers to buy, establish or develop a farm business, as well as help farming families undertake their succession planning,” Mr King said.

“The interest only repayments, at a low variable rate for the first five years will certainly appeal to new farm business owners to allow them to focus on establishing their operation and their cash flow.

“The AgriStarter Loan is available to eligible farmers who have recently purchased a farm business yet need a loan to invest in infrastructure or machinery to develop their farm business and make it their primary income earning source.”

The AgriStarter Loan allows up to $2 million to be borrowed over ten years with at least 50 per cent of an applicant’s total debt required to be held with their existing bank.

The first five years of an AgriStarter Loan require interest only repayments, then the remaining five years are principal and interest repayments.

The current variable rate is 1.92 per cent.

The Federal Government has provided $75 million for AgriStarter Loan applications this financial year.

For more information about the AgriStarter Loan, including loan guidelines, eligibility criteria and the loan application form visit ric.gov.au/agristarter.

By Emma DARBIN