The NSW Government has committed $1 billion to the Farm Innovation Fund under the Emergency Drought Relief Package 2019-20.
From 1 July 2019, farmers can borrow up to a maximum of $1 million per project, with a total of $1,000,000 outstanding at any one time to build on-farm infrastructure, including stock containment areas.
In addition, interest charges on Farm Innovation Fund loans for the 2019-20 financial year will be also be waived.
Funding for primary producers to identify and address risks to their farming enterprise, improve permanent farm infrastructure and ensure long-term productivity and sustainable land use, aiding in meeting changes to seasonal conditions.
The Farm Innovation Fund is part of the NSW Government’s Drought Strategy and is a long term, low interest rate loan for NSW farmers for permanent on-farm infrastructure. The Farm Innovation Fund helps farmers to:
- improve farm productivity – reduce risks and improve efficiencies by building fodder and grain storage facilities, sheds, fencing, roadworks and solar power conversions.
- manage adverse seasonal conditions – improve water efficiencies with irrigation systems, cap and piping of bores, new dams, install water tanks and desilting of ground tanks.
- ensure long term sustainability – increase the viability of a farm business and improve pasture and soil health, plant trees for shade and wildlife corridors, eradicate weeds, flood proof property and fence river banks.
To be eligible for assistance you must:
- Be the owner or operator of the property where the work is to be carried out.
- Show the farm enterprise under normal seasonal conditions provides at least 50% of your total GROSS income.
- Not have gross off farm assets exceeding $5,000,000
- Demonstrate that the works have a significant beneficial impact on the land, the farming enterprise and aid in preparing for adverse seasonal conditions
- Demonstrate that your farm enterprise has long-term viability and has the capacity to repay the loan sought.
- Provide satisfactory security to support the loan sought.
- Lodge an application before commencing the project.
- Demonstrate the proposed works are part of your Farm Business and Risk Assessment Plan.