The Drought Concessional Loans Scheme is open for applications in Western Australia. The closing date for the application period in Western Australia will be published on the Department of Agriculture and Food Western Australia website. The scheme will close for applications on this published date or when funding is fully committed, whichever occurs first.
Applications for the scheme in New South Wales, Queensland, South Australia, Victoria, Tasmania and the Northern Territory closed on 31 October 2016.
These loans aim to assist drought-affected farm businesses manage through and recover from drought and return to viability in the long term. Loans of up to 50 per cent of eligible farm business debt to a maximum of $1 million are available.
Under this scheme, Drought Concessional Loans could be used for:
Debt restructuring: Applicants can use the concessional loan to restructure a proportion of their existing eligible debt at a lower interest rate.
Operating expenses: Applicants can use the concessional loan to fund operating expenses that are necessary to continue the normal operations of the farm business.
Drought recovery and preparedness activities: Applicants can use loan funds to contribute to the cost of activities to recover from and prepare for future drought.