In an effort to provide assistance to our farming clients, YBM have recently been in touch with RAA. Excitingly, we have found some subsidies available for business advice. Yes, subsidies, not just low interest loans!
The ‘Farm Business Skills Program’ enables farmers to be reimbursed 50% of expenses that relate to improvement in business skills, risk management, leadership and succession planning. There are some rules and eligibility criteria, but they are very straight forward:
- 50% of costs will be reimbursed on proof of payment;
- Reimbursement applications can be submitted for work conducted in the last six months;
- Farm business eligibility is based on over 51% of income being from primary production;
- Reimbursements are capped at $5,000 for the first person in a business, and another $1,000 per person for up to 4 more people, including family members and farm employees;
- Accountancy work is not eligible, but many of our other services are applicable;
- This program is due to end in June 2020.
The RAA also spoke with us about the recently announced Drought Transport Fund. A couple of things to note about this:
- This is a low interest loan, thus it may be helpful but will need to be paid back;
- To access the loan, farmers need to commit to developing and submitting a ‘Risk Management Plan’ within 6 months;
- The costs of developing a Risk Management Plan are 100% subsidised.
If we can help with any of the above, or if you would like further information, please contact one of our offices.