The Rural Assistance Authority is reminding NSW farmers to apply for assistance available under the Commonwealth government’s Farm Finance Concessional Loans Scheme.
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General manager, Rural Assistance Authority, John Newcombe said time is running out and NSW farmers have until April 30, 2015 to apply for a farm finance loan.
“The $50 million Farm Finance Scheme allows eligible farm businesses to restructure existing debt in the form of low-interest loans,” Mr Newcombe said.
“The scheme is available to NSW farmers who have commercial viable businesses but are currently struggling with high levels of debt and experiencing financial hardship.
“The Rural Assistance Authority (RAA) is administering the Farm Finance and Drought Concessional Loans Schemes on behalf of the Commonwealth.
“Loans of up to $650,000 are available to refinance up to half of existing long-term commercial borrowings.”
Mr Newcombe said producers who are considering applying for a farm finance loan should talk to an expert about their options.
“It is very important that farmers do not self-assess and seek advice about their farm finances,” Mr Newcombe said.
Information on the Farm Finance Concessional Loans Scheme is available by contacting the RAA on toll free 1800 678 593 or by visiting the RAA website at http://www.raa.nsw.gov.au/assistance/farm-finance-package.
For more information about other NSW Government assistance measures, visit www.dpi.nsw.gov.au/agriculture/emergency/drought. For more information about Commonwealth assistance measures, including the Farm Household Allowance, visit www.daff.gov.au/agriculture-food/drought.