Funding boost for Qld primary producers

$20m loan scheme extension

The Queensland Government has committed another $20 million in funding for low-interest productivity loans for Queensland’s primary producers bringing the total investment in Queensland’s agriculture through the Primary Industry Productivity Enhancement Scheme (PIPES) from $100 million to $120 million per year from 1 July.

Administered through the Queensland Rural and Industry Development Authority (QRIDA), the PIPES scheme provides First Start Loans of up to $2 million and Sustainability Loans of up to $1.3 million to Queensland’s primary producers.

The commitment of further funding would support more primary producers to invest in more productive and sustainable enterprises and help them to establish their enterprise in the early years.

The low-interest loans currently offer terms of up to 20 years and with one, three or five-year fixed rates and no fees or charges.

Already this financial year (2020-21) close to 200 applications for nearly $90 million have been approved for the scheme, including close to $23 million in Sustainability Loans to invest in on-farm infrastructure, improve water storage and efficiency, invest in biosecurity measures or improve their farm operations.

More than $65 million in First Start Loans has been approved in this financial year to help new and next-generation primary producers to purchase their first property, buy into the family farm business or lease country.

Administered through QRIDA, the scheme supports new and existing primary producers across Queensland with more than $1 billion invested over 25 years in primary production enterprises. Agriculture is a critical part of Queensland’s plan for economic recovery, and the extension of the PIPES loans scheme stands shoulder to shoulder with farmers.

For example, QRIDA has assisted more than 2,000 Queensland beef producers to invest in more than $636 million through a First Start or Sustainability Loan over its 25-year history. The scheme also supports niche industries including oyster farming and berry growing enterprises.

QRIDA administers the Primary Industry Productivity Enhancement Scheme on behalf of the Queensland Government. For more information see qrida.qld.gov.au or contact Flor-Hanly's Accountants in Mackay on 07 4963 4800.

Source: QLD Govt