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Improved drought assistance available to Queensland producers

Staff Writer |
Agriculture Minister Leanne Donaldson has welcomed improved financial assistance available for drought-affected Queensland primary producers.

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New Drought Assistance Concessional Loans, available through QRAA, combine the best of previous drought specific programs in a single simplified package.

"Where previously there were separate loans for restructuring debt and for engaging in recovery activities, producers can now access up to $1 million from a single scheme that enables them to do both activities and more besides,” the Minister said.

"This means a simplified process for the applicants, making it easier for eligible producers to access the funds they need to cover operating costs, restock and replant, or undertake preparedness activities for future drought.”

An initial allocation of $35 million will be available to Queensland farm businesses under the new loan, which has an interest rate of 2.47% and loan terms of up to 10 years. Interest-only payments are available for the first five years.

"QRAA approved in excess of $63 million to more than 70 producers under the 2015-16 drought-related loans," the Minister said.

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