Canberra's farm business lender, the Regional Investment Corporation, has responded to a lack of agriculture sector clarity about where to find financial and other recovery information during, or after, natural disasters or biosecurity emergencies.
Following feedback from farmer customers and financial counsellors, the discount loan service teamed up with the Department of Agriculture, Fisheries and Forestry and the National Emergency Management Agency to produce an easy online and physical directory tool.
The move coincides with the farm sector growing increasingly twitchy about biosecurity scares ranging from lumpy skin disease to east coast varroa mite outbreaks, and the prospect of a droughty, fiery summer about to hit.
The basic directory style ensures farmers have some quick guidance on where to turn during extreme weather setbacks or other events which could leave them in sudden and significant financial and practical trouble.
When farmers know where to find help they feel more confident, and they have a better outlook on their ability to recover.
- John Howard, Regional Investment Corporation
The Farm Relief Tool is effectively a contact wheel which aligns services with the particular environmental, financial or health support issue producers may be confronting.
"We've heard from the industry that when farmers know where to find help they feel more confident, and they have a better outlook on their ability to recover," said RIC chief executive officer, John Howard.
"Our own recent customer survey showed nine out of 10 RIC customers agreed their RIC loan has made drought, natural disasters, or external disruption recovery easier."
The problem was, however, many producers were often surprised to - belatedly - discover they could have tapped into helpful advisory services or RIC loan applications much earlier, had they realised what was available.
The Farm Relief Tool was subsequently developed in response to agriculture industry calls for simple and easily accessible resources.
It will also be distributed by rural financial counsellors or other drought help bodies and emergency event response organisations, so they can provide the ready reckoner to people in need when they are on the ground preparing for, or responding to, challenging seasonal events or biosecurity alerts.
"Just like other useful tools farmers have in their shed, the Farm Relief Tool is a simple directory for those hit by drought, natural disasters and biosecurity events to quickly and easily find Australian Government options available to support them in tough times, and to help them to get back on their feet," Mr Howard said.
"It provides important resources for farmers seeking to prepare and recover when faced with challenging times - hopefully it helps to connect farmers with Australian Government help and strengthens the agriculture sector."
RIC loans are available to eligible farmers to recover from drought, other natural disasters and biosecurity events, and to prepare for future events using its Drought Loan and Farm Investment Loan.
Up to $2 million can be borrowed over 10 years with the first five years on interest-only repayment terms, followed by principal and interest for the remaining five.
RIC's current variable interest rate at 4.52 per cent, will be reviewed early next year.
The online version of the Farm Relief Tool is available online now at www.ric.gov.au/farm-relief-tool.
The 'analogue' version will be released at a national drought forum in Rockhampton in Queensland and at South Australia's Yorke Peninsula Field Days, both on September 26; the National Farmers Federation's national conference in Canberra on October 26 and 27, and the Australian National Field Days at Orange from October 26 to 28, where RIC representatives will be at the NSW Farmers site.
It will also be available through the Rural Financial Counselling Service, NEMA and DAFF information stands at community agriculture events.
Andrew Marshall
Andrew Marshall is the group agribusiness writer for ACM's state agricultural weeklies and websites. He is a former editor at The Land and has worked in various Rural Press group roles in Canberra, North Richmond (NSW) and Toowoomba (Qld).
Andrew Marshall is the group agribusiness writer for ACM's state agricultural weeklies and websites. He is a former editor at The Land and has worked in various Rural Press group roles in Canberra, North Richmond (NSW) and Toowoomba (Qld).
