THE Regional Investment Corporation (RIC) has delivered on its promise to help Western Australian farmers access its affordable loans, with the recent appointment of WA business development manager Steve McDougall.
Mr McDougall will be the business development manager for WA and South Australia, providing a point of contact for farm and farm-related small businesses looking to apply for a RIC loan.
RIC chief executive officer Bruce King said Mr McDougall's appointment was an important continuation of the RIC's program delivery across the country.
"Steve provides on-the-ground representation for farmers and graziers in WA," Mr King said.
"The RIC is committed to national coverage and opportunities while treating all farmers and graziers the same through the assessment process.
"Steve's role will be to help increase farm business and farm-related small business's awareness of RIC loans which are designed to not only manage and recover from the drought but prepare for the future and improve their drought resilience.
"WA uptake of RIC loans has been lower than the Eastern States to date, mainly due to the prolonged drought in the east, yet the lower recent rainfall in WA will likely see more farmers in the west taking advantage of our drought loan.
"It's also important to note that farmers would not necessarily have to add new debt when applying for a drought loan but can also use the affordable terms to refinance."
Mr McDougall joined the RIC after a career in automotive and commercial finance working with the agriculture, mining, technology and marine sectors.
He grew up in a farming community between Ravensthorpe and Esperance where his family bred sheep and cattle and grew wheat, oats, barley and canola.
The RIC's drought loan offers up to $2 million and the AgBiz drought loan up to $500,000, both loans are interest free in the first two years, followed by three years of interest only then principal and interest for the remaining five years of the 10-year loan term.
The RIC is a government-backed specialist finance provider for farmers and farm-related small businesses.
For the financial year to April 30, 2020, the RIC had approved almost 500 loans valued at more than $550m.
Since its inception on July 1, 2018, the RIC had approved about $669m in loans as at April 30, 2020.
