QRAA have just announced from 1 November, Drought Assistance Concessional Loans of up to $1 million are available for drought-affected Queensland producers looking to restock, restructure debt, invest in drought preparedness activities and manage operating expenses.
Drought Assistance Concessional Loans are an initiative of the Australian Government's Farm Business Development Scheme, administered by QRAA. The loans replace the previous Drought Recovery and Drought Concessional Loans. Queensland has received an initial allocation of $35 million.
QRAA have advised the key features of the loan include:
a concessional interest rate of 2.47%
10 year loan terms
interest-only repayments for the first five years
rural businesses (outside of drought declared area) that have been financially impacted by drought may be eligible