QLD: First Start Loan – Primary Producer

Queensland Rural and Industry Development Authority
Closing Date: 30/6/2020

First Start Loans provide finance to help you:

  • acquire your first farm business by assisting you purchase a property or supporting your leasing or share farming arrangements
  • become a partner in the family farm by assisting you to purchase property from your parents or other family members, or enter a family partnership
  • achieve viability by helping you to build your existing operation to a stand-alone business by:
    • improving infrastructure such as fences, water storages, grain and feed storage and irrigation
    • upgrading plant and equipment
    • purchasing livestock in specific circumstances
    • improving energy efficiency by uptake of current and renewable technologies
    • diversification into other on-farm enterprises

Key Criteria:

To be eligible to receive assistance under the program, the applicant must:

  • have resided in Queensland for six months
  • not own, or have disposed of, a viable primary production enterprise
  • demonstrate financial need for the assistance
  • if the loan is to enter the existing primary production enterprise or buy the applicant’s parents’ or other family member’s assets, be able
    to demonstrate:

    • the parents or family member is not in a financial position to completely effect a transfer of the assets
    • the purchase is not merely a refinance arrangement
  • demonstrate adequate experience or other qualifications to give the applicant a reasonable prospect of success in the particular industry the
    applicant wishes to enter
  • be able to demonstrate:
    • for buying a primary production enterprise, the applicant will have 50% equity in the enterprise
    • for a leasing, share farming or sharefishing arrangement, the applicant will pay 50% of the set up costs of the enterprise and; Queensland Rural and Industry Development Authority (QRIDA)may, in relevant circumstances, vary the amount of equity in the enterprise that the applicant is required to demonstrate. Example – An applicant has a stable wage, salary or other off-farm income.
  • demonstrate adequate funding for carry-on purposes
  • demonstrate sound prospects for commercial viability in the long term development of the primary production enterprise, in accordance with
    the planned progression, and the capacity to service the proposed debt from the enterprise and other forms of income
  • trade in the applicant’s own right or satisfy QRIDA that their entry into the existing primary production enterprise of their parents or other family member is part of a longer term plan to ultimately trade in their own right
  • provide a management plan that shows the stages of a planned progression towards a viable first primary production enterprise
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