Up to $4 million is available from Fruit Fly Concessional Loan Scheme to offset the effects of the fruit fly event that occurred in Tasmania during 2018.
Fruit Fly Concessional Loan Scheme
The Fruit Fly Concessional Loan Scheme provides financial assistance to Tasmanian fruit growers whose businesses have been impacted by the fruit fly event in 2018. Assistance is available for businesses to undertake activities that can not be funded under normal banking arrangements, including:
- operating costs necessary to restart, continue and redevelop operations whilst recovery occurs
- provision of short term working capital for the immediate season.
Loans of up to $250,000 are available and generally won’t be less than $30,000. Variable concessional interest rates will apply for a maximum period of three years.
Loans must be repaid in full or fully refinanced at the end of the agreed loan term.
To be eligible to apply for the Fruit Fly Concessional Loan Scheme, applicants must:
- Be a Tasmanian owned and based primary production enterprise operating in a fruit fly control area growing fruit fly host produce at the time of the declaration of the event.
- Operate as a sole trader, trust, partnership or private company.
- Demonstrate a clear need for the loan, to the satisfaction of the Department of State Growth.
- Complete the loan application form, including the acknowledgement form from your bank.
- Include a brief summary, to the satisfaction of the department, of how your business will recover from fruit fly.
- Demonstrate the financial viability of your business before the fruit fly event.
- Demonstrate that your business will be sustainable within the agreed loan period.
- Be registered for tax purposes in Australia as a Primary Industry with an Australian Business Number (ABN) and be registered for GST.
Applications close 30 June 2019.