5 May, 2020
Strong interest in additional loans to support agriculture sector and regional jobs
Strong interest in an additional $30 million in loans made available to the agricultural industry has been welcomed by the Queensland Government.
Minister for Agricultural Industry Development and Fisheries, Mark Furner, said the Primary Industry Productivity Enhancement Scheme (PIPES) administered by the Queensland Rural and Industry Development Authority had received a wave of new applications after the extension of the $100m scheme was announced last month.
“Applications reached the $100m cap last month and we acted quickly to make an additional $30m in loans available,” Mr Furner said.
“These loans are a vital investment in Queensland’s agricultural sector, which remains a key pillar of the state’s economy.
“Queensland is facing and extraordinary economic impact in the face of the COVID-19 pandemic, making it even more important that farm businesses can invest in their productivity.
“QRIDA has already approved 209 loans for $105 million and is working through an additional $21 million in applications that have been received so this money can hit the ground sooner rather than later.
“That means more investment in the agricultural sector, more investment in regional Queensland and more jobs for Queenslanders.”
The extension of the loans scheme included an additional $20m for PIPES loans and $10m for loans to support African Swine Fever preparedness.
Mr Furner said the loan scheme for African Swine Fever preparedness was an important biosecurity measure to help the pork industry.
“We have seen ASF have devastating impacts in other countries, including some of our close neighbours,” he said.
“This program will help to protect the Queensland industry as it builds the best possible defences.”