Flood Assistance Initiative: Rural Financial Counselling Service (RFCS)
The Rural Financial Counselling Service provides primary producers and small rural businesses that are experiencing hardship with free and impartial financial information, options, decision support and referral services.
In particular the Rural Financial Counsellors can work with farmers and small rural businesses to:
- Review their financial situation;
- Prepare cash flow budgets and reports on financial/viability circumstances;
- Identify business options;
- Provide support with decision making;
- Review contracts and assist with loan applications with lending institutions;
- Facilitate meetings with lenders and financial institutions and assist in non-legal appeals processes;
- Provide information and referrals to government or industry assistance schemes or referral to a range of professional service providers; and
- Provide assistance with succession planning.
Why
Farmers will require increased support over coming months as they try to deal with the financial implications of the floods. Similarly, the Federal Government’s decision to end Exceptional Circumstances assistance in many areas of Victoria will have financial implications for many farmers who have been recipients of this support over a number of years.
The Rural Financial Counsellors play an important role in helping food and fibre producers deal with the challenges of industry change and adjustment and the impacts of natural disaster, including floods and drought.
This new round of funding will ensure that Victoria’s network of Rural Financial Counsellors can continue to provide this important service to Victorian farmers in a time of increased need.
Cost/Duration:
The Victorian Rural Financial Counselling Service currently consists of 35 Rural Financial Counsellors supported by five Senior Rural Financial Counsellor Coordinators.
The Victorian Coalition Government has committed an extra $3.411 million to extend the work of the Rural Financial Counselling Service for another two years beyond June this year.
The RFCS operates as a partnership between the Commonwealth and State Governments and non-government, not-for-profit organisations that employ rural financial counsellors.
The counsellors are funded by the State and Commonwealth Governments. The continuation of the RFCS at its current level of service is contingent on the Federal Government committing to fund the service as well.
Further information:
For further information contact DPI on 136 186.
Find out more about the Rural Financial Counsellors.
