Northern Territory farmers dealing with drought can now apply for a Drought Assistance Concessional Loan under the Farm Business Concessional Loans Scheme.
Country Liberals Senator for the Northern Territory, Nigel Scullion, said the new Farm Business Concessional Loans Scheme was part of the Coalition Government’s $2.5 billion commitment in loans funding over 10 years as part of the Agricultural Competitiveness White Paper
“Despite a good wet season in much of the Top End and good rainfall in other parts of the Northern Territory, some Territory farmers have missed out and are doing it tough. They now have Drought Assistance Concessional Loans as an option to ease the financial pressure on their businesses,” Senator Scullion said.
“The loans at available at a variable rate of 2.47 per cent, interest only for the first five years and can be used for debt restructuring, providing new debt for operating expenses, drought-recovery activities or drought-preparedness activities, or a combination of these purposes.
“The Coalition Government has successfully had more than $622 million in concessional loans approved to over 1,160 farmers nationwide.
“Stronger farm businesses mean a stronger economy, so supporting viable farm businesses to better manage through drought is in our national interest.
“The Coalition Government is committed to delivering practical support to farmers when and where it’s needed most.
“Our farmers contribute more than $56.7 billion to our nation’s economy, and it is important they are supported to manage through tough times.
“Concessional loans are available to assist commercially viable farm businesses impacted by drought to continue to operate, recover once conditions change, and to prepare for the future.
“It is important that farm businesses talk to the delivery agency, Department of Primary Industry and Resources in the Northern Territory, and do not self-assess their eligibility for a concessional loan.”
Further details about the loans, including how to apply, are available from the NT Department of Primary Industry and Resources by ringing (08) 8999 2006 or 8999 5511 or emailing firstname.lastname@example.org.