First Start Loan

Up to $2M is available from First Start Loan to assist primary producers and commercial fishers in establishing a business into a feasible and viable operation.

First Start Loan

First Start Loan

The First Start Loan is designed to provide loans at concessional rates of interest to an applicant in the early years of establishment of a primary production enterprise or first commercial wild catch-fishing enterprise in Queensland.

 

Funding

First Start Loan – Primary producer

First Start Loans provide you with finance up to $2,000,000 to assist you in the early years of establishing your primary production enterprise. Obtain the finance you need to enter into primary production or to become a full-time primary producer. Funding can cover:

  • buying your first farm
  • become a partner in the family farm
  • achieve enterprise viability
  • leasing or share farming
  • joint lending with your bank.

First Start Loan – Commercial fisher

First Start Loans provide you with finance up to $2,000,000 to assist you in the early years of establishing your first commercial wild-catch fishing enterprise. Obtain the finance you need to enter into a wild-catch fishing enterprise or become a full-time commercial wild-catch fisher. Funding can cover:

  • buying your wild-catch fishing enterprise
  • become a partner in the family wild-catch fishing business
  • achieve enterprise viability
  • leasing or share-fishing
  • joint lending with your bank.

 

Eligible Applicants

If you meet the following requirements, you may be eligible for a First Start Loan:

  • resided in Queensland for six months
  • sound prospects for long-term commercial viability in the long-term development of the primary production enterprise
  • capacity to service the loan  (QRAA is required to determine that your enterprise and other forms of income are sufficient to service your debt; cover all  enterprise operating costs; and support family living expenses)
  • evidence of a financial need
  • demonstrate adequate experience or other qualifications to give a reasonable prospect of success
  • you should have equity of 50% in relation to the purchase, or 50% of set up costs  for leasing and share farming. The level of equity may be varied by QRAA in certain circumstances e.g. joint lending, stable off-farm income.

 

Eligible Activities

Eligible activities for agricultural, apicultural, aquacultural, forestry, grazing and horticultural industries include:

  • Acquire and operate a first viable primary production enterprise.
  • Acquire and operate a primary production enterprise on a staged basis, as part of a longer term plan for the applicant to operate a viable primary production enterprise.
  • Enter an existing primary production enterprise of the applicant’s parents or other family member/s, as part of a longer term plan for the applicant to operate a viable primary production enterprise in the applicants own right.
  • Enter into a leasing or share farming arrangement that will lead to the applicant operating a viable primary production enterprise.
  • Upgrade/build-up or develop the applicant’s existing non-viable primary production enterprise that has not generated the majority of the applicant’s income to one of an economically sustainable size.

Eligible activities for commercial wild-catch fishing include:

  • Acquire and operate a first viable vessel and/or fishery specific tender vessels and equipment.
  • Enter into a leasing and/or share-fishing arrangement which will lead to the operation of a viable commercial wild catch-fishing enterprise in future stages.
  • Upgrade/build-up or develop their existing non-viable commercial wild catch-fishing enterprise which has not generated the majority of their income to one of an economically sustainable size.
  • Enter the existing wild catch-fishing enterprise of the applicant’s parents or other family member, as a part of a longer term plan, for the applicant to operate a viable wild catch-fishing enterprise in the applicant’s own right.
  • As part of a longer term plan to achieve their first viable commercial wild catch-fishing enterprise:
    • Acquire and operate an enterprise on a staged basis.
    • Acquire initial quota or authorities and equipment.
    • Acquire machinery, such as trailers for tenders and surfboats, four stroke outboard motors.

 

Timing

Application is open on an ongoing basis.

 

More Information

2018-08-01T13:59:05+00:00August 1st, 2018|