NEW Drought Assistance Concessional Loans administered by QRAA are said to combine the best of previous drought specific programs in a single simplified package.
Agriculture Minister Leanne Donaldson said where previously there were separate loans for restructuring debt and for engaging in recovery activities, producers could now access up to $1 million from a single scheme.
“This means a simplified process for the applicants, making it easier for eligible producers to access the funds they need to cover operating costs, restock and replant, or undertake preparedness activities for future drought,” Ms Donaldson said.
An initial allocation of $35m will be available to Queensland farm businesses under the new loan, which has an interest rate of 2.47 per cent and loan terms of up to 10 years. Interest-only payments are available for the first five years.
“QRAA approved in excess of $63m to more than 70 producers under the 2015-16 drought-related loans,” Ms Donaldson said.
QRAA chief executive officer Mr MacMillan says that recent rain and improving conditions may lead some producers to believe they are ineligible for the assistance, but urges them not to self-assess.
“You do not need to be in a drought-declared area to benefit from this loan,” he said.
“If you have suffered financially as a result of the drought, contact us and start the conversation – you may be surprised.”
Loan guidelines, eligibility criteria and application forms are available on QRAA’s website. Producers are urged not to self-assess, and instead contact one of QRAA’s eight regionally based client liaison officers who can guide them through the process and answer any questions.
Drought Assistance Concessional Loans are delivered by QRAA on behalf of the Australian Government in Queensland.
