GrainGrowers welcomes the opportunity to provide feedback to the Review of the operation of the RIC Act. GrainGrowers has provided feedback on the areas of the discussion paper based on grower experiences and feedback.
We recognise and acknowledge that the RIC has supported 2,975 agricultural businesses in financial need and has provided an efficient, nationally consistent, and well-regarded service to agricultural producers.
The submission covers the following areas:
- The government should continue to provide publicly funded concessional loans through the RIC
- Concessional loans can have negative impacts, but this is negated by the function of the RIC
- Are the RIC’s functions still relevant?
- The RIC can offer additional products to help its integration with overall sectorial emissions reduction plans and further value add for growers
- Examining RIC lending criteria which currently requires applicants to hold a minimum of 50% of debt with a commercial lender
- Fixed vs. variable interest rates
- Maximum Loan amounts
- Governance arrangements of the RIC
Read the full submission below.
GrainGrowers submission to the review of the Regional Investment Corporation Act 2018pdf 0.24MB