Federal Member for Cowper Pat Conaghan has welcomed the Coalition Government opening up its drought loans to farmers across Cowper.

Mr Conaghan says the guidelines underpinning the concessional drought loans available through Regional Investment Corporation have been expanded so all farmers affected by drought can apply.

“I am pleased today to be able to say farmers in the Kempsey area and indeed right across the electorate of Cowper and the nation are eligible to apply for the two-year interest free loans by demonstrating their property is drought-affected, rather than having to have their property identified on the United Nations desertification map,” he said.

“This is something I advocated strongly for as these drought loans can save farmers more than $200,000 in interest and repayments in the first two years, compared to bank loans.

“The loan can also be used for paying for freight or fodder, water, netting and other essential costs of maintaining a farm, so I encourage all interested landholders to apply.”

Minister for Drought and Rural Finance David Littleproud said the concessional drought loans complemented the government’s suite of measures to assist farmers in drought.

“As the drought steps up, so too does our Government’s response. Since the budget, we have allocated more than $1 billion for interest free loans to help see people through this tough time on the land,” Mr Littleproud said.

“And just yesterday I announced an expansion of the Drought Communities Programme enabling Kempsey Shire Council to access $1 million.

“These drought loans are an investment in hard-working Australians. Once it rains farmers will make a quid.”

For more information about the drought loan visit ric.gov.au or call 1800 875 675.

Local Rural Financial Councillor Terry Pearce can also be contacted on 6568 3888 or you can visit Mr Pearce at his Macksville office in 1A Matilda Street. Landholders are able to use their property’s inclusion in the NSW Government’s Department of Primary Industries drought map as evidence of being drought affected. See https://edis.dpi.nsw.gov.au/ for more information.

Fast Facts:

• The new terms enable loans of up to $2 million over ten years
• After ten years there is an option to refinance any remaining balance.
• Loans can be used to prepare for, manage and recover from drought. The loans can refinance existing debt, fund drought-related activities, enhance productivity or pay for operating expenses or capital.
• Drought loans are offered by the Regional Investment Corporation along with a range of other products including Farm Investment Loans and AgRebuild Loans.