Oyster farmers anticipate boost in business with new finance plan

Farming together program director Lorraine Gordon.

Oyster farmers are hoping for greater investment with the release of a new financial strategy.

The strategy, supported by the government’s farming together program, was endorsed by Ocean Watch and the NSW Farmers Oyster Committee.

It is made up of five documents including, industry factsheets and templates, to help address industry priorities.

The aim is to improve the sector’s ability to secure bank and other sources of finance.

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Kel Henry from Wonboyn Rock Oysters, who is a member of the Oyster Strategy Implementation Group, said this priority stemmed from the finance sectors’ lack of awareness and understanding about the oyster industry and its potential for growth.

He approached the Australian government’s farming together program and developed a finance support pack with consultant, Mel Trethowan.

“It was great to work with Mel on the project. I would recommend the farming together program as a very valuable initiative and in my opinion the outcome for our industry was really outstanding,” he said.

The materials in the pack would help educate the finance industry about the oyster industry and its investment potential, said Henry.

“It will also increase the ability of farmers to access appropriate and timely finance to upgrade, innovate and grow their businesses,” he said.

Farming together program director Lorraine Gordon said it was an enabling project strongly supported by the producers and their wider industry.

“We hope it will encourage new interest and offer new paths to capital from banks and investors.”

The $13.8 million program was designed to help agricultural groups secure premium pricing, scale-up production and attract capital investment.

In two years the farming together program has had contact with more than 28,500 farmers.

In its first year the program turned a $9.21m investment into $20.45m of value-added production, creating 131 full-time equivalent jobs.

The farming together pilot program was delivered by Southern Cross University. It finished on the 30th of June 2018.