Farm Innovation Fund Aiding NSW Farmers
Date : 21st Jan, 2019
The NSW government have set aside $650,000,000 in loan funding for New South Wales farmers in order to improve on farm infrastructure. As of the 13th January, 2019, only $279,102,116 of the funds available had been requested.
The New South Wales government are offering low interest loans to farmers in the hope that will enable them the improve permanent on farm infrastructure and ensure the longevity of their farming enterprise.
Loans can be used to facilitate any of the following projects:
• Stock and Domestic water supply
• Cap and piping of bores in the artesian basin
• Refurbishing / desilting ground tanks
• Planting perennial species
• Soil Conservation
• Erosion control
• Woody / noxious weed serrated tussock control
• Solar power conversions
• Fodder storage facilities (silo hay shed)
• Farm / Shearing sheds
• Fencing / Road works
• Storm / Exclusion netting
• New / upgrading of irrigation systems
• Planting trees for shade / Wild life corridors
• Livestock Effluent Control
• Fencing Off River Banks
• Disaster Mitigation Works (Flood Pads etc.)
Up to $250,000 is offered per project, and the funds can cover up to 100% of the net cost, exclusive of GST, of the project. $500,000 can be borrowed at any one time through the scheme. The repayments currently stand at an interest rate of 2.5% and can be repaid over a maximum of 20 years, depending on the applicant’s ability to pay. It should be noted that all works must be completed within a 12 months of the loan approval.
Should you have any questions regarding the farm innovation fund please go to www.raa.nsw.gov.au/assistance/farm-innovation-fund or contact your Local Land Services.
We recommend consulting with your Local Land Services or Rural Financial Counsellor to ensure you are aware of the full fund guidelines and conditions.