The Western Australia Farmers Federation Inc (WAFarmers) warns West Australian farmers that funding packages from both the State and Federal governments are unlikely to be available to producers until July, at the earliest.
WAFarmers President, Dale Park, says: “WAFarmers understands that the Federal Farm Finance package will be available from 1 July however, the details of exactly how this will be distributed and who will be eligible are yet to be quantified.”
The Federal Government’s Farm Finance package initially offered farmers concessional loans of up to $650,000 over five years, then at market interest rates for the 20-year life of the loan to help them restructure debt and invest in productivity.
WAFarmers understands the State Government has since negotiated with the Federal Government a reduced loan amount to $200,000, to enable greater access, and a five-year life of the loan.
Applications for the State Government’s package financial support of up to $25,000 close on 31 July 2013 as part of a $7.8 million commitment for the Barnett Government. In the event where more than 200 businesses are eligible, the individual payments will be reduced.
WAFarmers calls on the Federal and State Government to work together with their appropriate agencies to ensure all finance packages are available to eligible producers as soon as possible.