Document ID: chunk:federal_register_of_legislation:F2021C00016:body:0:p2
Version: federal_register_of_legislation:F2021C00016
Segment Type: other
Provision Reference: 
Character Range: 2848–5952

helps a farm business to prepare for, manage through and recover from periods of drought.
farm business concessional loan means a farm business loan offered under the farm business concessional loan program.
farm business concessional loan program means the farm business concessional loan program described in Schedule 1 to be administered by the Corporation in accordance with this instrument.

PART 2 – DIRECTIONS
    5. Introduction
    (1) The Corporation will administer farm business loans. It will provide streamlined and nationally consistent Commonwealth concessional finance supporting regional Australia.
    (2) The Corporation will undertake its functions in an efficient and effective manner to meet its policy objectives. It will treat clients fairly and equitably providing a nationally consistent service.
    (3) The Corporation will assist the Commonwealth in effectively responding to the needs of Australian farm businesses and regional communities, and supporting the growth of regional economies across Australia.
    6. Policy objectives
    (1) In establishing the Corporation, the Commonwealth is providing practical support to help rural and regional communities achieve economic growth and agricultural productivity.
Farm business loans
    (2) The farm business loans will provide low cost finance to farm businesses that are in financial need of assistance, to recover from short‑term hardship, but are assessed as financially viable over the long‑term and able to repay.
    (3) The Corporation will deliver farm business loans that will:
       (a) support the long‑term strength, resilience and profitability of Australian farm businesses by helping them to build and maintain diversity in the markets they supply, and take advantage of new and emerging opportunities across Australia and overseas; or
       (b) assist farm businesses to prepare for, manage through and recover from periods of drought.
    (5) The full policy objectives of the farm business concessional loan program are detailed in Schedule 1.
    7. Funding arrangements
    (1) The Corporation will be funded by an appropriation through an Act of Parliament.
Farm business loan funds
    (2) Funds for farm business loans will be provided to the Corporation upon the Corporation's request to enable the Corporation to advance loan funds to recipients as required. The Corporation must:
       (a) only request funds as they are required to advance loan funds to recipients;
       (b) only use funds provided for farm business loans for that purpose.
    (3) The Corporation is authorised to collect all loan repayments (including principal repayments and payments of interest) from farm business loan recipients.
    (4) Subject to subsection 7(5) below, all loan repayments (including principal repayments and payments of interest) received by the Corporation from farm business loan recipients must be paid to the Commonwealth as soon as reasonably practicable.
    (5) Any funds received by the Corporation from farm businesses under section 47 of the Act to reimburse costs the Corporation has