Low-interest loans for farmers in drought declared Lockyer Valley doubled
Thursday, 18 October 2018
Federal Member for Wright, Scott Buchholz has welcomed the announcement that Lockyer Valley farmers can now access up to $2 million in low interest loans, double the previous limit of $1 million.
Mr Buchholz said the LNP Government had also doubled the total funding available for low-interest loans in any given year to $500 million.
“These loans are about helping local farmers in the Lockyer Valley facing hardship like drought,” Scott Buchholz said.
“When farmers transfer their commercial loans to our low-interest loans, good savings can be made.
“The first five years of these loans will remain interest-only.
“Farmers with existing government loans will also be able to switch to these Regional Investment Corporation loans to access the interest-only period.
“We made this commitment to farmers and today we delivered.
“We can’t make it rain but we can help our farmers survive the drought which is affecting so many farming families.”
The LNP Government has announced additional support for farmers facing drought totalling more than $1.8 billion, including $75 million for the drought communities program and immediate deductions for fodder storage assets.