Tasmanian Government Media Release - 30 June 2008
The Tasmanian Government's Young Farmer Interest Rebate Scheme for 2008- 2009 has been launched, with a final round of funding totalling $750 000 for new and ongoing projects.
The Young Farmer Interest Rebate Scheme is designed to alleviate the financial burden of new commercial loans taken up for a range of land-based farming activities in Tasmania. This scheme aims to encourage young farmers to invest in projects that develop the efficiency and effectiveness of their businesses. The funds may be used to expand existing enterprises or to encourage new entrants into the industry. Since the scheme was first introduced in 2006, 20 applications have been approved with applicants receiving commercial loans totalling over $12.9 million.
Applications are limited to land-based agricultural businesses, and applying farmers must be permanent Tasmanian residents and generally be under 40 years of age. Applicants must also be personally involved in the day-to-day running of the farming enterprise, and be able to contribute more than 50 per cent of their time to the business.
The scheme is managed by the Department of Economic Development and Tourism in conjunction with the Department of Primary Industries and Water (DPIW) and full details and guidelines are available at www.development.tas.gov.au/farming.html or by phoning Business Point on 1800 440 026.
