Leap of faith as new farm business owners turn to RIC AgriStarter Loan to get ahead

Trudy and Andrew Pilmore plan to expand their flock of 8,000 hens by a thousand thanks to a low-interest farm business loan offered by the Australian Government-funded specialist lender, RIC (Regional Investment Corporation). Picture supplied

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Start-up egg farmers take advantage of a RIC low-interest AgriStarter Loan to grow their first farm business.

After 20 years of working for others in farming, Trudy and Andrew Pilmore decided to go out on their own to purchase an egg production business, Earth Eggs.

"It was really a grand leap of faith, but I think everybody needs a good egg," Mrs Pilmore said.

To expand the pastured free-range eggs business, the couple planned to fund projects and purchase equipment but encountered challenges with their existing commercial loan.

"It was pretty tough with the interest rates - our cash flow was very tight," Mr Pilmore said.

The South Australian farmers discovered low-interest farm business loans offered by the Australian Government-funded specialist lender, RIC (Regional Investment Corporation) at a local field days event.

They successfully applied for a RIC AgriStarter Loan - designed specifically to help first-generation farmers obtain their own farm business, and support next-generation farm businesses with their succession plans.

The five-year interest-only repayment period appealed to the Pilmores, who used their loan to refinance some of their existing business debt.

"Having a cheaper interest rate means we can keep going and finish those projects, and we buy-in additional pullets about four times a year," Mrs Pilmore said.

The Pilmores plan to expand their flock of 8,000 hens by a thousand, boosting egg production from 4,500 to 7,500 daily.

Earth Eggs is based in West Range, South Australia. Picture supplied

Supporting first-generation farmers

RIC is an Australian Government specialist farm business lender offering low-interest loans to strengthen Australian agriculture and build thriving regional communities.

After settling the Pilmore's loan, RIC reached a milestone of more than 3,000 settled loans nationwide worth more than $3.25 billion.

RIC Chief Executive Officer John Howard said he is pleased RIC has supported so many Australian farmers during succession, start-up and through tough financial times.

"We're proud to support Australian farmers with our low-interest loans to build farm businesses like our 3,000th customer, Earth Eggs," Mr Howard said.

"Trudy and Andrew have decades of industry experience and it's great to see them bring this to owning their very own farm business for the first time with help from their RIC AgriStarter Loan.

"Agriculture is a challenging industry to start out and operate in, but RIC exists to provide some financial relief to family-owned farm businesses across Australia."

Strengthening Australian agriculture

RIC loans are a valuable option to help eligible farm businesses in tough financial times as they prepare for, manage through and recover from severe business disruptions including drought, natural disasters and biosecurity risk.

RIC low-cost loans also help first-generation and next-generation farmers to start a farm business or with succession planning.