AUSTRALIAN Government farm business lender, RIC (Regional Investment Corporation) will host a free online webinar on Wednesday February 28 for farmers, financial advisers, business planners and rural counsellors who are interested in learning more about how a low-interest RIC Drought Loan may be able to help prepare for, manage through or recover from drought.
As part of the online forum, RIC customer Tim Webb from Forbes, NSW will share experiences about how he and his wife, Jenny, used their Drought Loan to strengthen their farm business.
RIC Chief Executive Officer John Howard said farmers may be eligible to apply for a Drought Loan even if they are not currently in drought because the loan can also be used for activities that will reduce risk and prepare for drought.
“Whether farmers are currently in drought or between cycles, drought is never too far from their minds so knowing what financial options are available can make a difference to how quickly and effectively they manage through and recover,” Mr Howard said.
“Many farmers would be interested to know RIC’s Drought Loan is available for drought preparation activities like increasing water storage or improving water efficiency.
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“This means even if farmers are not currently in drought but want to improve their drought resilience, they may be eligible if they have had a significant financial impact outside their control within the past 5 years.
“RIC loans can help to refinance or restructure existing farm debt to improve cash flow and provide access to new funding for operating expenses and capital expenditure.
Merino producer, Tim Webb is pleased to be available to help other farmers learn more about RIC loans. He will explain how a low-interest RIC loan helped his business to refinance part of their existing commercial debt during the last drought.
The Webb’s were able to use the money they saved in interest payments to buy in grain to keep their breeding stock fed and their business running in preparation for retirement.
“The RIC loan kept us going through the drought and the interest pressures at the time,” Tim
said.
“We’ve since been able to repay a big chunk of our debt, which has put us in a strong position as we approach succession planning and retirement – it’s been a game changer.”
To register for the free online RIC Drought Loan webinar, visit www.ric.gov.au/events.
The webinar will be held on Wednesday 28 February 2024 from 12:00 – 1:00pm AEDT. If webinar participants are not able to attend on the day, a recording will be emailed after the event if they register in advance.
For more on the RIC Drought Loan, please visit www.ric.gov.au/drought.
