Regional Investment Corporation loans will be available to more farm businesses from 1 July 2022 when new industries become eligible for the first time.
Primary producers of grains, fresh fruits and vegetables, meat and meat products, milk, sugar cane, wine grapes, natural fibres and edible fish, molluscs, crustaceans and aquatic plants are currently eligible for RIC loans.
From 1 July 2022, that list will be expanded to include horse breeders, turf farmers, tea tree, lavender, pharmaceutical/cosmetic plant growing, nursery and floriculture growers.
The eligibility update follows industry and public consultation completed by the RIC in late 2021, RIC acting chief executive officer Paul Dowler said.
"Australian agriculture is diverse and always evolving to meet new and emerging markets so it was an important time for the RIC several years into our operations to ask industry and the public if our loan eligibility should be expanded," Mr Dowler said.
"Most of the 85 responses we received to the industry and public consultation agreed more farm businesses should be eligible, so we have listened to that feedback and are pleased to make the changes from 1 July 2022.
"The RIC will have $266 million available next financial year for concessional loans to farm businesses, farm-related small businesses and plantation growers to support regional Australia and the agriculture sector's target to become a $100 billion industry by 2030."
The expanded farm business eligibility also follows the recent AgriStarter Loan eligibility change to include existing share farmers and farm leasing business owners to use the loan to purchase a farm business, develop an existing farm business or purchase farmland.
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