The Regional Investment Corporation (RIC) is pleased to celebrate two significant milestones recently with its third year of operation on 1 July 2021 and $3 billion in loans approved for Australian farmers and farm-related small businesses.
In the three years since the RIC was established on 1 July 2018 it has approved loans valued at approximately $3 billion for Australian farmers and farm-related small businesses including over $2.1 billion for the 2020-21 financial year as at 30 June 2021.
RIC Chief Executive Officer Bruce King said the RIC is proud to provide affordable loans to so many farmers and farm-related small businesses in financial need, including through one of the worst recorded droughts in Australia's history.
"Approving approximately $3 billion in loans for farmers and farm-related small businesses is a significant milestone for the RIC which we've reached at the same time as the RIC's three short years of operations.
"The RIC has achieved a lot in its three years, supporting thousands of Australian farmers to manage through or recover from the drought, get back on their feet and to return to profitability or invest in their farm business," said Mr King.
"Also significant is more than $2.1 billion of the loan approvals occurred in the 2020-21 financial year as a result of our increased handling capacity and additional resources to deliver loans to build a stronger regional Australia.
"I'm proud of what the RIC has been able to achieve supporting customers like Sam Elphinstone from Harford, Tasmania to increase his water storage by almost 70 per cent for his diverse farming business.
"Sam's story is just one of many RIC customers who have benefited from our affordable loan terms. We know we always have more to do to better our customer experience, but we have made great progress over the past 12 months."
In 2020 the RIC experience unprecedented demand with loan applications spiking when the interest free drought loan terms ended. As at 30 June 2021, the RIC had provided a decision for all loan applicants who had applied before then end of 2020, except a small amount granted extensions for special circumstances.
New loan applications received in 2021 have received a decision (i.e. approved or declined) in median time of around 22 days.
The more complete a loan application is when it's submitted, the faster the RIC can provide an outcome.
