The Hodgman Liberal Government is delivering on its commitment to extend the AgriGrowth Loans Scheme which now includes a specific Young Farmer Support Package.
Since the original launch of the AgriGrowth Loans Scheme in 2014 available funding has been increased from $10 million to $40 million.
The Scheme is designed to support Tasmanian farmers turn good ideas into profitable, thriving businesses by allowing farmers to access capital prior to revenue coming on line.
With an additional $20 million, the new-look 2018 scheme offers a Young Farmer Support Package to help a young person, who wants to enter farming, to apply for a loan up to $250,000 with or without security.
This means that those young Tasmanian farmers, including potential young dairy share-farmers, can start their journey towards land or asset ownership and take the first steps to turning their dreams into reality.
This is another key initiative in our $150 million AgriFood Plan 2018-23 aimed at growing the value of agriculture to $10 billion by 2050 and further boosting the economy and creating jobs in regional Tasmania.
Generally the AgriGrowth Loans Scheme range from $100,000 to $3 million with maximum term of 15 years. This addresses the challenge of bringing forward farming investment by offering a concessional interest rate and interest only payments, for the initial period of the loan, prior to cash-flow coming on stream.
Professional business planning advice is also available through Business Tasmania’s Enterprise Centre.
More details can be found at www.stategrowth.tas.gov.au/agrigrowth, email ask@business.tas.gov.au or phone Business Tasmania on 1800 440 026.
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