7When a business is an eligible farm business

7 When a business is an eligible farm business

Eligible farm businesses are those: (a) who are in financial need of a concessional loan; and (b) where at least one member of the farm business is an Australian citizen or a permanent resident as defined in the program guidelines; and (c) that are assessed as financially viable, or as having sound prospects of a return to financial viability within the term of the loan; and (d) that undertake all primary production aspects of the business wholly within Australia; and (e) where at least one member: (i) has experience operating a farm business; and (ii) has the farm business as their principal business pursuit (in terms of being where they contribute the majority of their labour and where they derive the majority of their income); and (f) that operate as a sole trader, partnership, trust or private company; and (g) that are registered for tax purposes in Australia with an Australian Business Number (ABN) and registered for GST; and (h) that are not under external administration or bankruptcy; and (i) that have capacity to repay the loan.