You may be eligible for an Australian Government Drought Loan of up to $2 million.
What are the loan details?
The term of the loan is 10 years. The first 2 years are Interest Free, the next 3 years can be Interest Only, and the last 5 years Principal and Interest is required. At the end of the 10 year term, any unpaid debt may be able to be refinanced with your bank.
What can you use the loan for?
Refinancing existing debt up to 50% or accessing new debt for operating expenses and capital expenditure.
What is the Interest Rate?
The current interest rate for this loan is 3.11%.
Here’s an example of how the loan could benefit you:
If you refinance a $500,000 bank debt with this new Regional Investment Corporation Drought Loan, and you are currently paying 5% interest, then this will save you $25,000 interest per year for the first 2 years that are Interest Free. In addition, it will continue to save you interest over the rest of the 10 year period, as the interest rate of 3.11% is lower than your bank interest rate.
BMO can help you
Don’t be overwhelmed by all the paperwork involved with these applications, let us help you complete the forms and required attachments ready for assessment. We have been successfully preparing similar applications for QRAA, QRIDA and now RIC over the past 30 years.
Register your interest by emailing us at email@example.com and we will contact you to arrange a meeting (at your place or ours) to discuss your application.
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