Up to $1.5M is available from Heritage Places Renewal Loan Scheme to refurbish a property that facilitates tourism and business development opportunities.
Heritage Places Renewal Loan Scheme
The Heritage Places Renewal Loan Scheme provides owners of Tasmanian heritage listed properties with low interest loans to help them use their property to operate within the visitor economy.
The Heritage Places Renewal Loan Scheme forms part of the Tasmanian Government’s Visitor Economy Strategy facilitating tourism and business development opportunities across Tasmania that help to stimulate the visitor economy and generate good heritage outcomes.
The Scheme is managed by the Office of the Coordinator-General in conjunction with and support from the Department of State Growth, the Tasmanian Heritage Council and Heritage Tasmania in DPIPWE.
The Heritage Places Renewal Loan Scheme recognises the importance and value of businesses within the visitor economy that work with and present Tasmania’s historic heritage assets as part of the State’s unique brand and appeal to visitors and locals alike. This initiative is designed to assist private businesses and local governments that use, or intend to use, their unique historic heritage assets as part of their current or proposed business
undertakings or business opportunities in Tasmania.
As part of the Tasmanian Government’s commitment to preserving and revitalising our local heritage and history, the Heritage Places Renewal Loan Scheme will provide for up to $10 million to be made available for low interest loans, over an initial two year period, for owners of Tasmanian Heritage listed properties.
Led by the Office of the Coordinator-General and Department of State Growth and administered by the Tasmanian Development Board, loans will be provided for a minimum of $100,000 to a maximum of $1.5 million.
Eligible purposes may include the following activities within the visitor economy that otherwise could not be brought forward and/or financed under normal banking arrangements:
- Refreshing or refurbishing a heritage registered business property that facilitates tourism and business development opportunities
- Undertaking essential heritage conservation projects on business properties.
- Deferred or catch up maintenance on heritage registered business premises.
- Facilitating the use, adaptive reuse or refurbishment of heritage registered properties to support a new business initiative that will grow the visitor economy.
- Enhancing or expanding an existing business, its infrastructure and facilities, i.e. to facilitate access.
- Assisting new initiatives within heritage registered properties that develop a business that help to grow the visitor economy.
Examples could include but are not limited to:
- altering a heritage property to become boutique visitor accommodation, or upgrading existing accommodation
- converting a heritage building, space, barn or outbuilding to become a café, retail outlet, gallery, cellar door or other business premises that target visitors
- renovating an historic hotel / pub to restore its heritage appearance and internal features
- upgrading and extending the footprint of an established business in a heritage building to facilitate visitor access
To be eligible to apply applicants must:
- Own a current or intended business within the visitor economy that operates or will operate from a heritage property permanently entered on the Tasmanian Heritage Register. These businesses may include, but are not limited to:
- tourism outlet
- accommodation venue
- hospitality outlet
- cellar door operations
- other business types within the visitor economy
All applicants must:
- Own a heritage property that is permanently entered on the Tasmanian Heritage Register.
- Undertake an approved activity that broadly includes refurbishment, expansion, development, conservation or deferred maintenance of their heritage property.
- Have met all regulatory and statutory approvals for the project including the necessary heritage and planning approvals from relevant local councils and the Tasmanian Heritage Council for the proposed work as a condition precedent to the first loan draw down.
- Demonstrate that the project will improve the profitability of the establishment or improve service and quality of the offering.
- Include a refurbishment/maintenance plan that includes detailed costings for the project.
- Operate as a sole trader, trust, partnership, private company or Council established under section 18 of the Local Government Act 1993 (Tas).
- Demonstrate a clear need for the loan, to the satisfaction of the Office of the Coordinator-General and Heritage Tasmania.
- Projects must show an improvement to current infrastructure, achieve good heritage outcomes and stimulate the visitor economy.
- Include a minimum five year business plan to the satisfaction of the Office of the Coordinator-General (in some cases the Office of the Coordinator-General may request that the applicant use a recognised consultant to assist with the plan).
- Undertake an annual review of the approved business plan and report on performance against the business plan.
- Demonstrate ongoing financial viability with the loan application and business plan showing that the venture will be profitable within the agreed loan period.
- Be a business registered for tax purposes in Australia with an Australian Business Number (ABN) and be registered for GST.
- Have a demonstrated history of meeting debt servicing requirements.
- Be able to meet financial commitments over the agreed loan term if a Heritage Places Renewal Loan is approved.
- Be in a position to repay the loan within five years.
- Be able to provide mortgage security to satisfy the requirement of an 80 per cent loan to value ratio, using a Government Valuation or a recent registered valuation.
Applications close 31 July 2019.