Flood Assistance Now Available

Flood Assistance Now Available

Victoria Minister for Agriculture and Food Security Peter Walsh

Low Interest Loans For Flood-Stricken Businesses

Victor P Taffa

Businesses, primary producers and not-for-profit organisations recovering from the devastating Victorian summer floods can now apply for a low-interest concessional loan and grant package of up to $650,000 over 10 years.

Minister for Agriculture and Food Security Peter Walsh today announced the Commonwealth Government had agreed to a cost-sharing arrangement for support under Category D of the Natural Disaster Relief and Recovery Arrangements (NDRRA).

“The Victorian Coalition Government has already committed significant assistance measures to repair state and local government owned assets and help flood-stricken communities recover.” Mr. Walsh said.

 

 

“Today’s additional funding will give an important boost to eligible small to medium businesses, primary producers and non-profit organisations affected by the floods between January and March.”

“The cost of the loan and grant package is being shared between the Victorian Coalition Government and the Commonwealth.”

“A concessional interest rate of 4% will be provided for the first five years, with the first two years interest and repayment free, and up to $50,000 will be provided as a grant.”

“These low-cost loans provide a further level of assistance on top of the Victorian Coalition Government’s extensive support for communities, food producers and small business following unprecedented flooding across the state.”

Mr. Walsh said the loans would be targeted at businesses that are particularly significant to the local community or industry.

The concessional loan and grant package will be available to businesses, primary producers and not-for-profit organisations that meet the following criteria specified under the NDRRA rules:

  • Their principal place of operation is in an area of Victoria eligible for assistance under the NDRRA;
  • They have suffered extreme damage as a result of the flooding between January and March 2011 and they are significant to the local community or industry;
  • They demonstrate they are viable and have a reasonable prospect of returning to profitability;
  • They have been assessed by the Rural Finance Corporation of Victoria against other available assistance measures.

The closing date for concessional loan applications is 31 December 2011.