NSW: Farm Innovation Fund

NSW Dept Primary Industries Rural Assistance Authority

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.

Key Criteria:

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.

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