Ag bank in farm lifeline

Farming businesses have taken a hit from recent heavy and almost constant rain.

Arthur Gorrie

Major agribusiness lender, Rabobank, has announced extended support measures for farming and agribusiness clients still suffering the effects of heavy rain and floods in Gympie and nearby regions.

The bank’s regional manager for southern Queensland and northern New South Wales, Brad James said farmers in Queensland’s south east were still “getting back on their feet” following the significant flooding in February and the extreme rain events of May.

“The full effects of this prolonged rainfall on agriculture won’t be clear for some time, however impacted producers are dealing with damage to pasture, crops, livestock and infrastructure, including sheds and fencing.”

Mr James said as a bank which has a primary focus on agriculture, Rabobank considered it “a normal part of our business to work with and support farmers who are affected by weather conditions, particularly extreme weather events such as these”.

He encouraged farming clients impacted by the recent rainfalls to contact their local manager.

Mr James said the bank would work directly with individual clients whose farms or agribusinesses have been affected to provide support and assistance by offering a range of tailored measures in applicable circumstances.

These measures include:

• deferral of scheduled loan payments;

• waiver of break costs on early redemption of farm management deposits; • waiver of fees on loan increases necessary for rebuilding operations; • waiver of fees for equipment finance contract variations.

Rabobank Australia & New Zealand is a part of the global Rabobank Group, which specialises in food and agribusiness banking.