Regional Investment Corporation loans are now available to horse breeders, turf farmers, tea tree, lavender, pharmaceutical or cosmetic plant growers, nursery and floriculture growers.
RIC acting chief executive Paul Dowler said the broadened eligibility supported the sector's target to become a $100 billion industry by 2030.
"This new farm business definition recognises the diversity of Australian agriculture and is our response to industry need and emerging markets," Mr Dowler said.
"The change follows consultation in 2021 with Australia's agricultural industry, who largely supported expanding the definition to support more farm businesses."
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Since its inception in mid-2018, RIC has approved more than 2845 total loans valued at over $3.09 billion for farmers and farm-related small businesses.
Applicants still need to meet all mandatory eligibility criteria to apply for a RIC loan, including demonstrating they are in financial need. Unlike a grant, farm businesses also need to provide security and demonstrate their ability to repay the loan.
All sectors previously eligible for a RIC loan will continue to be eligible. For more information on included industries, visit ric.gov.au/eligible-industries.
