Mr Joyce said the closing date for applications had been extended to 30 June, to provide more time for farm businesses in NSW to take advantage of the loans scheme.

“This scheme provides low-interest loans to allow eligible farm businesses to restructure existing debt.

“ These loans are intended to support farmers who are currently experiencing financial hardship, but whose businesses are commercially viable in the longer term,” Mr Joyce said.

Mr Blair said that loans of up to $650,000 were available to eligible farm businesses, with an interest rate currently set at 4.34 per cent and a loan term of five years.

“If you are interested in taking advantage of these loans, I encourage you not to delay in finding out more and submitting an application,” Minister Blair said.

Minister Joyce said in addition to the Farm Finance Concessional Loans Scheme, there was a range of assistance measures available to farmers and rural communities experiencing hardship, including income support through the Farm Household Allowance and free financial counselling through the Rural Financial Counselling Service.

“I encourage farmers not to self-assess their eligibility for any of these measures, but to talk to the experts and find out more about their options,” Minister Joyce said.

The Drought Concessional Loans Scheme and Drought Recovery Concessional Loans Scheme are also operating in NSW, and are delivered by the NSW Rural Assistance Authority. 

For more information on the range of Australian Government assistance available to farmers, farm businesses and rural communities, visit  agriculture.gov.au/assistance. 

More information on the three loans schemes, including eligibility criteria and application details, can be found at www.raa.nsw.gov.au.