Applications flood in for drought loans prompting the Federal Government to top up program by $2 billion
ABCHuge interest in a federal government-funded drought loan has prompted Agriculture Minister David Littleproud to top up the program by $2 billion and employ more people to help farmers fill out the application form. Key points: The Federal Government will extend a popular loan for drought-affected farmers The interest free period will end on September 30, but the interest rate will drop to 1.92 per cent The Regional Investment Corporation is currently approving up to 400 applications a month The additional funding will double the total Regional Investment Corporation farm and small business loan funding to $4 billion. But loan applications received after September 30 will not be eligible for the two-year no-repayment, interest-free terms, although borrowers approved after that date will pay a discounted interest rate of 1.92 per cent. "We wanted to give farmers enough heads up that if they wanted to apply for the $2 million drought loans and pay no interest and no repayments, that they needed to get their applications in," he said.
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