The NSW Government has committed $1 billion to the Farm Innovation Fund.
Farmers can borrow up to a maximum of $1 million per project, with a total of $1 million outstanding at any one time to build on-farm infrastructure, including stock containment areas.
The Farm Innovation Fund is a long term, low interest rate loan scheme for NSW farmers for permanent on-farm infrastructure. The Farm Innovation Fund helps farmers to:
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The Farm Innovation Fund is available to farmers in NSW to meet the cost of carrying out permanent capital works that will have a significant beneficial impact on the land, long term profitability of the business and address adverse seasonal conditions. Download the Guidelines (PDF, 165.69 KB) for full details of eligibility (sections 9-10) and what you can apply for. (sections 2 & 11)
For your application you will need a copy of the following documents:
If you prefer to download a paper copy of the application form, download the form here.
You will need:
View the Farm Innovation Fund Factsheet
Q1. Is there a cut off time to submit my application?
No – however, loans will not be offered beyond the allocated funding.
Q2. What is the interest rate and can my interest rate change?
The rate will be that applying at the date on which the loan is approved and is fixed for the term of the loan. The rate is currently 2.5%.
Q3. Am I able to complete the work prior to applying?
No – applications must be lodged prior to commencement of the work.
Q4. Can I send in an application whilst waiting on information from my bank?
Yes – although your loan will not be assessed until your application is complete.
Q5. Can primary producers that have been in operation less than three years, and therefore cannot provide the required three years of financial information, still apply?
Yes you can apply if you are classified as a “new entrant”, meaning that you have been operating your farm business for between 12 months to three years and more than 50% of your gross income will be derived from the farm business within three years of the date of the application. The applications of new entrants will be considered on a case by case basis.
Q6. Does a mortgage get taken over my property?
No – a Statutory Charge and registered caveat will be placed over the property where the works are to be carried out. Additional or alternate property may be considered. Your bank will need to sign and stamp the Lenders consent form to support your application.
As part of the assessment process, the authority will obtain title searches to confirm ownership of the land offered as security. The cost of the searches is charged to the applicant whether or not they take up the loan.
Q7. Are lease-holders eligible for Farm Innovation Fund loans?
Farm Innovation Fund loans are ordinarily available for primary producers who own and operate the business, and own or are in the process of purchasing, the land upon which the farming occurs and upon which improvements are proposed. However, a Farm Innovation Fund loan will be considered for lease-holders where they:
Q8. How do I access the funds once approved?
You will need to sign and submit an ‘Authority to Pay’ form along with your Tax Invoices to the RAA. Payment will be processed to your nominated bank account. The Authority will NOT pay to the supplier directly.