The Regional Investment Corporation (RIC) was established by the Regional Investment Corporation Act 2018 (RIC Act). The RIC is a corporate Commonwealth entity that administers farm business concessional loans.
The RIC Act gives effect to the following:
- Establishment of Government bodies: the Regional Investment Corporation Board (RIC Board), and the RIC:
- the RIC Board is responsible for ensuring the proper, efficient and effective performance of the RIC’s functions and deciding the strategies and policies to be followed by the RIC, within the scope of the Operating Mandate; and
- the RIC is responsible for administering:
- farm business loans; and
- other programs prescribed by the rules.
- Responsible Ministers: the Finance Minister and the Minister for Agriculture, Drought and Emergency Management (Agriculture Minister), as responsible Ministers are:
- required to appoint members to the RIC Board;
- required to issue an Operating Mandate to the RIC; and
- may also make rules prescribing future programs to be delivered by the RIC.
Operating Mandate and Rules
|Regional Investment Corporation Operating Mandate Direction 2018||24 December 2020||This instrument provides strategic direction to the RIC about the performance of its functions. The Operating Mandate identifies objectives that the RIC should pursue in administering farm business loans and any programs prescribed in the rules.|
|Regional Investment Corporation (Agribusiness Natural Disaster Loans – 2019 North Queensland Flood) Rule 2019||25 June 2019||This rule prescribes the terms and conditions that the RIC may include in loans provided to farm businesses that have suffered direct damage as a result of the North Queensland floods of January and February 2019.|
|Regional Investment Corporation (Small Business Drought Loans) Rules 2020||17 January 2020||This rule allows for loans to be made available to drought-affected small businesses that can demonstrate that they have a direct dependency on farmers through providing primary production related goods and services to farm businesses currently in drought. These loans will provide these small businesses with a better chance of remaining viable during drought, until their farming customers begin to resume or increase production and once again seek their goods and services.|
|Regional Investment Corporation (Drought Loans Expansion) Rule 2020||28 March 2020||This rule expands the eligibility criteria for drought loans, to include farm businesses located outside the affected area defined by the United Nations Convention to Combat Desertification.|
|Regional Investment Corporation (Agristarter Loans) Rule 2019||17 December 2020||This rule allows for two new loans to be made by the RIC – first farmer loans and succession loans. The first farmer loans will assist first farmers to purchase, establish or develop a farm business in which they hold or will hold the sole or a controlling interest. The successions loans will assist with succession arrangements in relation to farm businesses and assets.|
For queries regarding RIC loans or grants of financial assistance, please refer to the RIC website.