AN additional $15 million has been allocated by the Australian Government to assist Queensland’s drought-affected producers access loans of up to $2 million as the state finally begins to recover from prolonged drought.
The loans are available from QRAA under the Australian Government’s Drought and Drought Recovery Concessional Loans Schemes, which close to applications on October 31.
Producers can access up to $1m from each scheme to manage and recover from drought.
With concessional interest rates as low as 2.66 per cent, the loans are designed to provide much-needed breathing room throughout tough times, and fund restocking and replanting efforts when conditions improve.
QRAA chief executive officer Cameron MacMillan said more than $141m in drought assistance has already been approved to hundreds of Queensland producers.
“The $15m top-up is the result of sustained demand as Queensland recovers from one of the worst droughts on record,” Mr McMillan said.
“The extra funds will help even more hard-working farmers and graziers overcome harsh conditions.”
The drought recovery concessional loans offer a 2.66pc interest rate and have a unique pre-approval process to allow producers to get back on their feet as quickly as possible.
“This means that even if you’re yet to receive sufficient rainfall, you can apply for the funds now and be ready to start restocking or replanting when conditions improve,” Mr MacMillan said.
Burdekin Canegrowers chairman Phil Marano is one producer who has already taken advantage of the available assistance.
Mr Marano accessed a Drought Concessional Loan from QRAA in early 2016, and strongly recommends others partner with QRAA to reduce the financial pressures of drought.
Potential applicants are urged not to self-assess, and to contact their local client liaison officer (CLO) who can walk them through the requirements and application process.
“Peter Crowley (CLO for North Queensland) was great to deal with,” Mr Marano said. “He provided all the information I needed and it was helpful to have someone in the region I could meet with about my application.”
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