STEPH COOKE WELCOMES $1 BILLION FROM THE NSW GOVERNMENT TO ENCOURAGE FARM INNOVATION -
Member for Cootamundra Steph Cooke MP has welcomed the National and Liberal Government’s investment in local agricultural businesses, following the announcement that the Farm Innovation Fund will be boosted to $1 billion.
Farmers will be eligible for low interest loans of up to $1 million to help identify and address risks to their farming enterprises.
Loans can also be used to improve permanent farm infrastructure, ensure long-term productivity and sustainable land use and prepare for challenging seasonal conditions.
Ms Cooke said this is a very welcome boost from the NSW Government considering the tough year farmers in the Cootamundra electorate have faced.
“This fund is a stellar example of the Nats’ agricultural policy, enabling our innovative, resilient and intelligent primary producers to plan for a dry future and tailor solutions to their specific farming enterprises,” Ms Cooke said.
“We know that 2018-19 has been one of the driest years on record.
"The update on this fund has been impressive, funding capital works like new cattle yards, solar power systems, silos and bore water systems.
“The aim of this fund is to ease some of the financial pressure on farmers when it comes to enduring these adverse conditions we’ve faced over the last year,” Ms Cooke added.
Key changes include:
• An additional $5 million for emergency water supplies to ensure towns have access to safe and reliable water;
• Increasing the amount farmers can claim on Drought Transport Subsidies from $30,000 to $40,000; and
• An additional $2 million to connect people to support services through the Rural Resilience Program.
For more information on the Farm Innovation Fund, visit the website at https://www.raa.nsw.gov.au/assistance/farm-innovation-fund.
This is a great opportunity for farmers to take advantage of low interest loans of up to $1 million.
Visit the website today to see if you are eligible.