BankSA will extend its support to drought-affected SA farmers and agribusiness customers through access to a range of drought assistance initiatives.
Funding will be available to lend to eligible farming and agribusiness customers at a heavily discounted variable interest rate, providing immediate and long-term financial relief.
BankSA executive manager – regional Peter Panas said that as one of the largest supporters of agribusiness customers in SA, BankSA was committed to helping SA farmers through this difficult time.
“We have a deep commitment to supporting rural and regional South Australia, and with some local farmers doing it tough right now, we are pleased to be able to extend our support,” Mr Panas said.
The Drought Assistance Package, offered by Westpac Banking Group includes the creation of a $100 million fund nationally, to provide carry on finance loans of up to $1 million to existing agribusiness customers at a heavily-discounted variable interest rate.
It will also provide drought-impacted customers the option to defer principal and interest repayments on existing business term loans and equipment finance for up to 12 months.
Interest adjustment for customers with farm management deposit to effectively offset FMD balances against their eligible business loans will also be a part of the drought initiatives.
“Drought is one of the greatest challenges our farmers will face and, as a bank, we look to provide confidence and certainty during these difficult times so that our customers can focus on what’s most important,” Mr Panas said.