The Regional Investment Corporation (RIC) supports the agriculture sector by providing financial assistance for farm businesses.
Its aim is to promote growth, resilience and sustainability across the agricultural economy.
Types of finance
RIC provides concessional loans to eligible businesses to:
- prepare for, manage or recover from major financial disruptions including:
- drought and other natural disasters
- biosecurity threats
- market challenges
- help new farmers set up and grow their business.
It also:
- consults with commercial lenders and industry bodies representing potential loan applicants
- sets loan terms and conditions in line with board strategies and policies
- manages approved loans.
Background
The corporation was established on 1 July 2018 under the Regional Investment Corporation Act 2018.
It operates as a corporate Commonwealth entity and specialist direct investment vehicle.
The Act sets out its purpose and functions.
Governance
The Minister for Agriculture and the Minister for Finance are responsible under the RIC Act.
They:
- appoint members to the RIC Board
- issue directions about the performance of the RIC’s functions or
- may provide directions on other matters like farm business loans.
Read more on the RIC website.
Operating mandate and rules
The ministers guide how RIC should operate through an operating mandate.
The RIC Operating Mandate, issued on 8 January 2021, sets out:
- the goals RIC should aim for when delivering farm business loans, water infrastructure support or other programs
- expectations for RIC’s strategies and policies
- eligibility criteria for loans or financial assistance.
It is a legislative instrument and is subject to disallowance.
Ministers can also make rules on how the RIC Act is applied and set future programs for the RIC to deliver.
More information
Read more about investments and funding opportunities on the RIC website.
For questions about policy matters, contact the Department of Agriculture, Fisheries and Forestry.
