The Hodgman Liberal Government is committed to supporting our competitive strengths including agriculture, to grow our primary industries and create jobs across Tasmania.
To better support our farmers, fruit growers and agri-food businesses we are establishing a low-interest loan scheme to help turn great ideas into long term profit making enterprises.
These funds may for example, assist new entrants into the industry, provide irrigation infrastructure loans, assist in farm improvements and horticulture developments, including replanting orchards to update varieties.
We understand that for many farmers there is a long lead-time before they realise profit from an investment in agriculture.
This can cause difficulties when trying to access commercial lending to expand when cash flow may be many years away.
This 12-month pilot program will lift some of those burdens and open new opportunities in agriculture by providing low-interest, profit-contingent loans.
The pilot program will open with up to a $10 million loan pool and will begin next financial year. It will likely offer recommended loan amounts between $30,000 and $1 million.
The program is being established with $250,000 in funding allocated in the State Budget as part of the Liberal Government’s AgriVision 2050 plan which aims to grow the value of agriculture tenfold to $10 billion per year by 2050.
It will be administered by the Tasmanian Development Board, and once the guidelines are finalised, the Department of State Growth will deliver the scheme with support from AgriGrowth Tasmania.
This loan scheme will help to unlock a wealth of potential in farming, and I look forward to seeing the fruits of its investments.
Jeremy Rockliff, Minister for Primary Industries and Water
