Skip links and keyboard navigation

17 May 2017: Extra drought dollars to help farmers to restructure, recover and revive

17 May 2017

Drought-affected primary producers in Queensland are being urged to take advantage of additional $15 million in financial assistance to help them recover, restructure, and revive their business.

Available through QRAA under Drought Assistance Concessional Loans program, the assistance provides drought-impacted primary producers with up to $1 million to refinance existing debt, provide cashflow for carry-on costs, restock and replanting when conditions improve, or investing in future preparedness measures.

Funded by the Commonwealth Government, this increase takes the total allocation for Queensland to $50 million, after strong uptake of the scheme since its opening late last year.

“Since 1 November, we’ve approved over $26 million in Drought Assistance Concessional Loans, and another 10 applications are currently being processed,” said QRAA Chief Executive Officer, Cameron MacMillan.

“This funding boost means we can help even more producers withstand and overcome this drought or in some districts take advantage of improved seasonal conditions – which is welcome news as many areas are facing a dry winter after missing out on sufficient rainfall over summer.”

Mr MacMillan urges producers not to self-assess, emphasising that eligibility for Drought Assistance Concessional Loans is based on a number of factors.

“Eligibility for this assistance is not based on state drought declarations – so even if your drought status was recently revoked, you may still be able to benefit from these loans,” he said.

“Talk to our team about what may be possible – they’re here to walk you through the process step-by-step.”

The loans are currently available at an interest rate of just 2.47 per cent and with ten year loan terms (and up to 5 years interest-only repayments), the program can provide much-needed breathing space during hard times. Dairy operator Greg Dennis used a Commonwealth-funded drought loan from QRAA to restructure debt and free-up cash flow in 2016, and would recommend the assistance to others.

“I think that part of the problem for farmers is that often refinancing can be put into the too hard basket and that’s where it stays,” he said.

““Refinancing… placed our farm business in a better position. The low interest rate provides peace of mind - there is not a high level of pressure.”

“I found QRAA’s application process fairly self-explanatory, and QRAA was very good at providing direction and making it clear.”

Applications for Drought Assistance Concessional Loans close 30 June 2017.

For more information, scheme guidelines or to apply, visit www.qraa.qld.gov.au or Freecall 1800 623 946.

Last updated
17 May 2017