Farm finances are the topics of free workshops this month.
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On May 29 is a webinar for first- and next-generation farmers run by rural lender Regional Investment Corporation, and on May 28 and 29 are financial skills workshops in Bendigo and Shepparton, run by Rabobank.
Rabobank workshops
Farmers in the Shepparton and Bendigo regions have the opportunity to expand their knowledge, free of charge, at a series of Rabo Client Council workshops designed to help provide the financial skills critical to managing an agricultural enterprise.
The practical Financial Skills Workshops provide provide practical, hands-on advice for understanding financial statements and banking requirements and explore topics such as taxation versus management accounting, essential business management ratios and understanding key components of a business’s financial profile.
Riverina and northern Victorian Rabo Client Council member and Kaarimba-based dairy farmer Monique Bryant said “financial skills play a crucial role for both our current farmers and the next generation entering the agricultural sector”.
Ms Bryant said the workshops aim to close the gap between farming expertise and financial knowledge.
“Although many of our next-generation primary producers may be highly educated, or have extensive on-farm experience, navigating the intricacies of financial reporting and banking requirements is often unfamiliar to them, which is precisely why these workshops addressing these topics are incredibly valuable,” she said.
Ms Bryant said the content would consider cash flow implications of a variety of farming operations and there will be a focus on preparing annual cash flow budgets.
“These workshops are tailored to accommodate couples and family members attending together. By learning together, they can strengthen their financial acumen as a team.”
Rabobank Riverina and northern Victoria regional manager Sally Bull said farmers who had attended previous workshops said the information provided was real and valuable “practical knowledge that they can readily apply to their farming enterprises”.
The workshops — which will be limited to 30 participants each and are not restricted to the bank’s clients — will be presented by director of Hudson Facilitation, Tony Hudson.
Workshop dates and locations (morning tea and lunch provided):
Tuesday, May 28 from 8.30am to 3.30pm at the Bendigo Club, 22 Park St, Strathdale.
Wednesday, May 29 from 8.30am to 3.30pm at the Carrington Hotel, 505 Wyndham St, Shepparton. The focus will be on dairy and cropping.
Australian Government farm business lender, RIC (Regional Investment Corporation), will host a free online webinar for farmers, financial advisers, business planners and rural counsellors to learn how RIC loans can assist first- and next-generation farmers.
RIC chief executive officer John Howard said RIC loans can help purchase property, land or business, refinance or restructure existing farm debt to improve cash flow and provide access to new funding to manage operating costs and capital expenditure.
“The RIC AgriStarter Loan offers financial ‘breathing space’ for new farmers with a minimum of three years on-farm experience to improve cash flow, refinance a portion of their existing agribusiness debt or implement succession plans to fast-track their business growth and productivity,” Mr Howard said.
“Two-thirds of AgriStarter loans have helped to accelerate business activities for new farm enterprises while the remainder have supported succession planning arrangements.”
The AgriStarter Loan is available to all eligible applicants across Australia and offers up to $2 million in borrowings, with affordable interest rates, no application or ongoing account keeping fees and ability to repay early before the end of the 10-year loan term.
The webinar will be held on Wednesday, May 29 from noon to 1pm and a recording will be emailed to registered participants after the event.
To register for the free online webinar to find out more about the AgriStarter Loan, visit https://www.ric.gov.au/events