The State Government has doubled the maximum loan amount available for Sustainability Loans to $1.3 million.
Sustainability Loans are for producers who are looking to expand, improve or diversify their enterprises.
“In addition First Start Loans of up to $2 million are now available, to help producers purchase or buy into their first enterprise and assist farming families with their succession plans.”
Minister Donaldson says the increase loan limits applied to the Primary Industry Productivity Enhancement Scheme (PIPES), delivered by QRAA, and the increases were part of the $454 million State Budget commitment to Queensland’s agriculture and fisheries sector.
“The government is clearly focussed on stimulating renewal and investing for the future as well as reducing the financial pressure on producers during difficult times.
“Previously, Sustainability Loans had a loan limit of $200,000 for stock and machinery purchases. This limit is no longer in effect, allowing both current loan-holders and new applicants to make significant investments for long-term success and productivity.
“These changes, combined with interest rates as low as 3.11 per cent and no fees or charges, are a win for rural and regional Queensland and will have a flow on effect for the regional Queensland economy,” the Minister said.
The Minister encouraged primary producers to take advantage of the scheme and the significant funds available.
“These updates are available to both active account holders and to new applicants. With larger amounts at producer’s disposal, I look forward to watching Queensland producers take their enterprises to the next level in the coming months.”
QRAA administers PIPES on behalf of the Department of Agriculture and Fisheries.
A dedicated team of QRAA Client Liaison Officers, based across regional Queensland, are available to discuss the application process.