MP Bruce Scott welcomes drought funding
FARMERS on the Southern Downs will be among those eligible for an additional $100 million in drought funding from the Federal Government.
The additional $100 million will be delivered to drought affected farmers through the Drought Recovery Concessional Loans Scheme.
Member for Maranoa Bruce Scott has welcomed the scheme, saying the low interest loans will give farmers in the Maranoa peace of mind that they can replant and restock when drought breaking rains finally arrive.
"Eligible farm businesses will be able to borrow 50% of their total debt up to $1 million at a rate of 3.21% for 10 years, with interest only repayments available for the first five years."
"The eligibility criteria for the loans will target farmers experiencing a 1 in 50 or 1 in 100 year drought event."
Mount Isa MP Rob Katter has criticised the announcement, claiming the funding is not new and is leftover state money from loans not taken up.
Applications for the Loans Scheme will close on June 30, 2015 or when funding is fully committed.