Regional Investment Corporation Expands Farm Business Loan Eligibility Starting July 1 to Support Agriculture Sector | West Central Daily

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Horse farmers, turf growers, tea tree and lavender growers are among those who will be eligible for a farm business loan from the Regional Investment Corporation from July 1, following a an expansion of the definitions of agricultural businesses in the RIC. The eligibility update follows industry and public consultation completed by the RIC in late 2021. “Australian agriculture is diverse and constantly changing to respond to new and emerging markets. important time for the RIC, several years into our operations, to ask the industry and the public if our loan eligibility should be expanded,” said RIC Acting Chief Executive Officer Paul Dowler. “Most of the 85 responses we received from industry and the public consultation agreed that more agricultural businesses should be eligible, so we listened to those feedback small businesses and plantation growers to support regional Australia and the agricultural sector’s goal to become a $100 billion industry by 2030. to buy a farming business, expand an existing farming business, or buy land a agricultural. Agricultural businesses currently eligible for RIC loans include primary production of grains, fresh fruits and vegetables, meat and meat products, milk, sugar cane, wine grapes, natural fibers and fish. edibles, molluscs, crustaceans and aquatic plants. The expanded definitions of agricultural businesses are based on industries undertaking eligible primary production activities listed in the Australian-New Zealand Standard Industrial Classification 2006 (ANZSIC) 1292.0 (Revision 2.0) Codes 01 (Agriculture), 02 (Aquaculture) with some exclusions. As a result, from July 1, 2022, eligibility will be extended to horse breeders, sod growers, growers of tea trees, lavender, pharmaceutical/cosmetic plants, nurseries and floriculture (where they do not were not already eligible for primary production such as shelter belts and cellar rootstock). For more information on RIC loans, visit www.ric.gov.au/loans. To read more stories, download the Central Western Daily news app from the Apple Store or Google Play. TELL ME Send a letter to the editor using the form below:

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Luisa D. Fuller