$1M North Queensland Monsoon Disaster Assistance Loans Available

As part of the Queensland Rural and Industry Development Authority’s (QRIDA) Disaster Recovery Program, assistance is available to primary producers who have sustained exceptional damage as a direct result of the North and Far North Queensland Monsoon Trough disaster during the early parts of 2019.

Concessional loans of up to $1,000,000 are available to assist primary producers to:

- repair or replace damaged plant and equipment

- repair or replace buildings

- meet requirements for carrying on your primary production enterprise or business, including:

  • buying goods used to operate the business
  • paying rates, rent or wages
  • paying creditors
  • re-planting, restoring or re-establishing areas affected by the disaster event
  • buying livestock to replace livestock lost as a result of the disaster event
  • sustaining livestock
  • carrying on essential property operations

The loans offer a maximum term of 10 years, with a two-year interest free period, followed by two years interest only if required. Concessional interest rates of 1.37% are offered to reduce the interest burden and support primary producers in recovering from the natural disaster.

To be eligible for assistance, the primary production business must be within the defined disaster area, as outlined below:

  • Burke Shire Council
  • Carpentaria Shire Council
  • Cloncurry Shire Council
  • Flinders Shire Council
  • McKinlay Shire Council
  • Richmond Shire Council
  • Winton Shire Council

Applications for these loans close on 30 June 2021. For more information, please view the QRIDA website . For assistance in considering your eligibility and support in preparing and submitting your application, please contact your usual Mazars advisor or our specialist in this area, Owen Dingle, on +61 7 3218 3900.

Brisbane

Melbourne

Sydney

+61 7 3218 3900

+61 3 9252 0800

+61 2 9922 1166

 

Published: 14 January 2020

Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.