What is West Coast Experience Loan Fund
West Coast Experience Loan Fund is a program that will provide new or existing tourism-based businesses on the West Coast of Tasmania with interest-free loans to help them start and build sustainable businesses. The loans are intended to support the region, create economic activity and new employment opportunities for local communities.
A panel representing the West Coast local government area and the broader tourism sector will oversee this fund and assess applications.
Objectives
The fund aims to:
- Build a sustained investment partnership model between government and industry to support the region; and
- Create economic activity and new employment opportunities within the local community and the wider West Coast region.
Funding
The Fund will loan successful applicants up to 50% of their project’s total eligible costs, up to a maximum of $100,000.
Funds will be provided on an interest free basis, with no repayments required during the first two years. However, it is expected that any loan will be fully repaid by the applicant within five years.
Eligibility
To be eligible, you must have an existing, or be starting a new, tourism-based venture in a West Coast local government area of Tasmania.
Additionally, your tourism venture must:
- be able to start commercial operations within six months of the loan approval
- create increased visitation
- aim to create new jobs and generate new investment in the region
Loan applications will be assessed based on the following criteria:
- Alignment to the Tasmanian Visitor Economy Strategy 2015-2020 (www.t21.net.au);
- Demonstrated net economic benefit to the West Coast local government area;
- Organisational capacity of the applicant;
- Financial capacity of the applicant;
- Value-for-money from the proposed project; and
- Alignment with other regional initiatives – eg West Coast Destination Action Plan.
Timing
Applications open on an ongoing basis.
