Primary producers whose properties have suffered significant damage to assets as a direct result of the Victorian floods and storms commencing October 2022 are eligible to apply for a concessional loan of up to $250,000 to restore or replace damaged assets, and for working capital expenses during business recovery.

Primary producers who did not suffer significant damage to assets but suffered a significant loss of income as a direct result of the 2022 Victorian floods and storms are eligible to apply for a concessional loan of up to $100,000 to support working capital expenses that cannot be met due to a loss of income.

The approved loan amount will be determined by Rural Bank (a division of Bendigo and Adelaide Bank) in accordance with estimated damage costs and the ability to repay the loan and provide adequate security, and must satisfy Rural Bank lending policies, responsible lending standards and the Banking Code of Practice.

• Primary Producer Flood Concessional Loan Guidelines
• Primary Producer Flood Recovery Concessional Loan - Expression of Interest

What is a concessional loan?

A concessional loan is a commercial loan arrangement at a discounted interest rate made possible by the Government. To be eligible for assistance, applicants must demonstrate the capacity to repay debt based on historical cash flows and provide adequate land security.

What documents do I need to provide?

You will need to complete an Expression of Interest Form along with the following supporting documents:

• Proof of property location i.e., copy of latest Council Rates, lease, or share farming contract.
• Evidence of direct damage/loss of income eg. quotes, invoices, lost earnings, BAS statements and photos of direct flood and/or storm damage
• Past 3 years financial statements and personal tax returns for yourselves and your primary production business and a copy of your ATO Portal
• Monthly cash flow budget (including assumptions) for the present financial year and next financial year
• Statement of assets and liabilities
• Proof of identify documents (100 points)

You may be asked to provide further information so that we can better understand your historical performance and capacity to repay the loan in accordance with responsible lending practices.

Following assessment based on completion of the Expression of Interest Form, eligible applicants will then need to complete a Concessional Lending Application Form to be signed by all individuals associated with the primary production enterprise.

How do I apply?

We understand that primary producers significantly impacted by the floods and storms are seeking financial support as soon as possible. By law Rural Bank must adhere to responsible lending practices in accordance with the Banking Code of Practice. To fully assess your loan application, we may need to contact your Accountant, Bank, Rural Financial Counsellor/Small Business Advisor seeking further information. Processing times vary from one to multiple months depending on the associated business structure and return of additional information if requested. We recommend that applicants seek independent financial advice before applying for a concessional loan.

Applications must be submitted by 4pm on 13 July 2023.

Applications can be submitted by email or post to Rural Finance:

Email: .(JavaScript must be enabled to view this email address)

Post: Rural Finance, PO Box 1313, Bendigo Central 3552

Please contact Rural Finance on 1800 260 425 if you have any questions.

Need help understanding this information or filling in your application?

Free and confidential assistance is available to primary producers via the Rural Financial Counselling Service. To find your local Rural Financial Counsellor, call 1300 771 741.