Farm finance loans available again

The Tasmanian Farmers and Graziers Association (TFGA) today welcomed the announcement of more concessional loans from the Australian government to help farmers finance their businesses.

Applications for the second Tasmanian tranche of $15 million under the Farm Finance Concessional Loans Scheme can be lodged from today.

The TFGA has specialist liaison officers on its staff to assist farmers with their applications. They can be contacted on Freecall 1800 154 111.

“Our farmers were among the most successful applicants for the first tranche of $15 million in January,” TFGA chief executive Jan Davis said today.

“Farmers can use the concessional loans to enhance their productivity on the farm or to restructure their debt, which may not be mutually exclusive,” Ms Davis said.

“They are capped at $650,000 and carry a variable interest rate, currently 4.5 per cent.”

Ms Davis said the TFGA had fought hard to be included in the federal farm finance concessional loans scheme, which initially was targeted as a form of drought relief on the mainland.

“However, our farmers have shown that they can make a strong case for this support,” she said.

“The loans can be a really important tool. Debt restructuring has been a high priority for some farmers, particularly when you consider the straits many have been in with the demise of their MIS plantation contracts. Importantly, there has also been a great deal of interest in loans to invest in activities and infrastructure that will deliver productivity enhancement.”

“This assistance is welcomed by farmers who are keen to take advantage of the many opportunities available to secure a firmer footing for agriculture in Tasmania.”
TFGA chief executive Jan Davis