The New South Wales Government has released low interest rate loans of up to $130,000 to assist with the following:
- Essential working capital for up to 12 months from the date of the disaster to continue business operations until normal income resumes, or until the next major income is received;
- Replacement and/or repair of property damaged because of a disaster, and associated improvements not covered by insurance.
Amount and Term
The maximum borrowable amount is $130,000 and all loans will have an initial two-year interest and repayment free period. This period is followed by a loan term of up to 10 years, thus making the maximum 12 years depending on the amount borrowed and the applicant’s repayment capacity.
Small Business Eligibility
To be able to access this funding, the small business must:
1. Have a small business located within one of the following disaster areas and have suffered direct damage as result of the disaster:
- Armidale
- Ballina
- Bellingen
- Byron
- Clearance Valley
- Coffs Harbour
- Glen Innes Severn
- Hornsby
- Kempsey
- Kyogle
- Lismore
- Nambucca
- Port Macquarie/Hastings
- Richmond Valley
- Tenterfield
- The Hills
- Tweed
- Bayside
- Bega Valley
- Blacktown
- Blue Mountains
- Camden
- Campbeltown
- Canterbury Bankstown
- Central Coast
- Eurobodalla
- Fairfield City
- Georges River
- Hawkesbury
- Inner West
- Kiama
- Ku-ring-gai
- Liverpool
- MidCoast
- Newcastle
- Northern Beaches
- Paramatta
- Penrith
2. Have fewer than 20 full time employees;
3. Are a registered business, partnership, or sole trader;
4. Have an active Australian Business Number (ABN);
5. Provides the owner with their primary source of gross income (more than 50%);
6. Have assets which have been significantly damaged as a direct result of the declared disaster event;
7. Have a business that was viable prior to the declared event and that it will continue to be viable;
8. Demonstrate that the assistance will ensure the business continues to be viable;
9. Demonstrate that they are continuing or will re-establish the business enterprise within the same location, or within the same local government area;
10. Demonstrate that the business enterprise has the capacity to repay the loan; and
11. Provide security acceptable to the NSW Rural Assistance Authority.
Primary Producers Eligibility
To be able to access this grant funding, the small business must:
1. Have a primary production business located within one of the following disaster areas and have suffered direct damage as result of the disaster:
- Armidale
- Ballina
- Bellingen
- Byron
- Clearance Valley
- Coffs Harbour
- Glen Innes Severn
- Hornsby
- Kempsey
- Kyogle
- Lismore
- Nambucca
- Port Macquarie/Hastings
- Richmond Valley
- Tenterfield
- The Hills
- Tweed
- Bayside
- Bega Valley
- Blacktown
- Blue Mountains
- Camden
- Campbeltown
- Canterbury Bankstown
- Central Coast
- Eurobodalla
- Fairfield City
- Georges River
- Hawkesbury
- Inner West
- Kiama
- Ku-ring-gai
- Liverpool
- MidCoast
- Newcastle
- Northern Beaches
- Paramatta
- Penrith
2. Has a right or interest in a farm enterprise;
3. Contributes part of their labour and capital to the enterprise;
4. Provides the owners with their primary source of gross income (more than 50%). In instances where drought has impacted the income of primary producers, the income from a previous year can be reviewed;
5. Is identified by the Australian Taxation Office as a primary producer;
6. Have assets (including fodder) which have been significantly damaged as a direct result of the declared disaster event;
7. Have a primary production enterprise that was viable prior to the declared event and will continue to be viable post;
8. Demonstrate that the assistance will ensure the primary production enterprise continues to be viable;
9. Demonstrate that they are continuing or will re-establish the farming enterprise within the same location, or within the same local government area;
10. Demonstrate that the business enterprise has the capacity to repay the loan; and
11. Provide security acceptable to the NSW Rural Assistance Authority.
Applications for the grant close 4-6 September 2022.
If you would like further information in relation to the above grant funding program or if you would like assistance in applying for this grant, please contact Naomi Green on 07 4688 8400.
These times are extremely tough and challenging for many people and businesses and it is now more important than ever to reach out for support when you need it. Contact Beyond Blue on 1300 22 4636 or Lifeline on 13 11 14.
