AgriGrowth Loan Scheme TAS


The AgriGrowth Loan Scheme provides farm businesses, young farmers and agribusinesses with low interest loans when normal banking arrangements are not available.
Open
Application detail:

Applications may be made at any time.

 
What do you get?

Low interest loans from $100,000 to $3 million.

Who is this for?

Tasmanian farmers and agribusinesses.

Overview

The AgriGrowth Loan Scheme is an initiative of the Tasmanian Government providing low interest loans to Tasmanian farm businesses, young farmers and agri-food businesses. It will support projects that advance the government's Agrivision 2050 plan which aims to increase the value of the agriculture and agri-food sectors in Tasmania.

Low interest loans of $100,000 to $3 million are available. Loans are usually offered over a term of five years at a variable interest rate, with interest only payments available for the term of the loan.

Young farmers may only access loans of up to $250,000.

Successful applicants may receive up to five hours of free professional business planning or relevant advice.

What are the eligibility criteria?

To be eligible you must:

  • be a Tasmanian farm business, young farmer or agri-food business
  • operate as a sole trader, trust, partnership or private company
  • show a clear need for the loan
  • demonstrate that your project / s contributes to the Government's agriGrowth agenda
  • include a minimum three year business plan that satisfies the Department
  • show ongoing financial viability with the loan application and business plan
  • show that the venture will be make a profit within the agreed loan period
  • have an Australian Business Number (ABN) and be registered for GST

Farm businesses must have at least one member of the farm business who:

  • is a farmer and who generally contributes at least 50 per cent of his or her labour
  • generally derives at least 50 per cent of his or her income from the farm business during the term of the loan

In addition to the eligibility criteria, young farmers will:

  • generally be no more than 45 years old
  • preferably not previously have been principal of a farm business and / or owned land for that purpose
  • have suitable farming experience and be involved in the day to day operation of the farm

Find out more about the eligibility criteria at AgriGrowth Loan Scheme.

How do you apply?

To apply, you should first speak to an Agribusiness Finance Manager by calling Business Tasmania on 1800 440 026.

You will be provided with the application form once it is confirmed you are eligible to apply.

Find out more about how to apply at AgriGrowth Loan Scheme.