RIC Introduces Marine Recovery Loan for SA Aquaculture and Fishing Sectors

This initiative follows the Australian Government's enactment of legislation to support businesses impacted by the algal bloom off the coast of South Australia. The Marine Recovery Loan is designed to assist eligible businesses in managing financial challenges resulting from this environmental event.

John Howard, Chief Executive Officer of RIC, emphasized the importance of this support, stating that the new loan is a welcome addition to other State and Federal Government support measures. He highlighted that the loan can be used to refinance up to half of existing commercial debt at RIC's low interest rate, improve cash flow, pay business operating expenses, or for capital expenditure to acquire, upgrade, or maintain long-term business assets.

Eligible businesses are encouraged to apply for the Marine Recovery Loan to help stabilize their operations and recover from the financial impact of the algal bloom. This support aims to ensure the sustainability and resilience of South Australia's aquaculture and fishing industries.