Federal loan package finally

23 Dec, 2013 01:00 AM
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WA is one of the last States to receive the finance

AFTER almost 10 months in the making, farmers can expect to apply for the Federal Farm Finance package by mid-January.

The Federal loan package was first announced in April by then Federal Agriculture Minister Joe Ludwig, but monies have yet to reach WA farmers.

WA is one of the last States to receive the finance, with Queensland, Victoria and now South Australia and Tasmania farmers already making applications.

The scheme is capped at $25 million a year for 2013-14 and 2014-15, to total $50m.

Loans are expected to be for amounts of $200,000 in WA, over five years, to allow farmers much-needed debt restructuring.

The focus of the scheme in WA is to provide loans to enhance the productivity of WA farm businesses.

The scheme is funded by the Australian Government and will be delivered by the Rural Business Development Corporation on behalf of the WA Government.

The Australian Government also offers other assistance including the Rural Financial Counselling Service, the Farm Management Deposits Scheme and the Transitional Farm Family Payment.

FarmWeekly
Tyson Cattle

Tyson Cattle

is the editor of Stock and Land.

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