Grants and Loans

 

Quick Links:

 

Concessional Loans (Job Support)

*Applications closed (last update 24 Aug 2020)*

Full summary here. 

Payment: 

Loans of up to $250,000 will be made available to impacted businesses. The loans will be purposed with providing working capital support to encourage staff retention. 

Loans will carry an initial interest-free period of 12 months. There is yet to be a confirmation on the maximum allowable loan term.

 

Am I eligible? 

Loans will be made available following a full application process with the Queensland Rural and Industry Development Authority (QRIDA). 

 

How to access

Applications for the concessional loans have now closed as of the latest update on the 24 August 2020.

Should application reopen, you can access the application portal on the QRIDA website here.

 

Diversification Grants for the Commercial Fishing Industry

Full summary here.

Payment 

Market diversification grants of up to $50,000 will be available to support the commercial fishing industry. 

The grants will be available to support activities including but not limited to: 

  1. market evaluation studies 
  2. market visits 
  3. training 
  4. new processing equipment such as refrigeration or vacuum packaging machines 
  5. boat modifications to meet new market requirements 

 

Am I eligible?

Grants are targeted towards businesses involved in the commercial fishing industry. 

 

How to access

Contact the Department of Agriculture and Fisheries (DAF) on 13 25 23 for information on how to apply. 

 

Loans from Non-Banks  

Full summary here.

Payment

Unsecured loans of up to $250,000 will be made available through participating non-bank lenders. 50% of the loan will be guaranteed by the federal government in the case that you become unable to repay in the future. 

The loans will carry a maximum term of 3 years and there will be no requirement to make loan repayments for the first 6 months after the funds have been granted.

From 1 October 2020, eligible lenders will be able to offer additional support for a broader range of purposes. After 1 October:

  • The maximum loan sizes will be increased to $1 million per borrower
  • Loan terms can be up to 5 years with the same six month payment holiday (at the discretion of the lender)
  • Loans can be either secured or unsecured (excluding for commercial or residential property)

Am I eligible?

Loans will be made available to businesses with a turnover of up to $50 million following a full application process with the relevant non-bank lender: 


How to access

The government has approved 44 lenders to participate in the guarantee scheme. A full list of participating lenders can be found here. It is advised that you get in contact with a trusted local finance broker to connect you with an appropriate lender.

Seeking credit assistance from existing lenders 

RBA summary here. 

Government summary here. 

Payment

There has been a reduction in the cash rate (currently 0.25%). This is expected to reduce the interest charge of existing (variable) or new loans. 

The central bank and Australian government have also injected $105 billion into the financial system to boost access to loanable funds for smaller and non-bank lenders. 

Finally, the government has reduced the compliance surrounding responsible lending obligations for lenders providing credit to existing business customers. This exemption is for 6 months, and applies to any business credit including: 

  1. new credit 
  2. credit limit increases 
  3. credit restructure 

 

How to access

If you have existing loans with an Australian lender, it is advisable that you contact your relevant lending manager for support. 

 

COVID-19 Adaption Grant

*Applications for Round 2 have now closed for businesses in South East Queensland. Businesses in regions outside of South East Queensland are still able to apply*

Government summary here.

Payment

The State Government has announced $100 million in small and micro business grants up to $10,000 (maximum grant of $2,000). 

The objective of this program is to support small businesses subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions announced by the Queensland Government, to adapt and sustain their operations, and build resilience.

Am I eligible?

To be eligible, the business must:

  • have been subject to closure or otherwise highly impacted by current shutdown restrictions announced by Queensland's Chief Health Officer on 23 March 2020

  • demonstrate that business revenue has been significantly impacted since 23 March 2020 over a minimum 1-month period due to the onset and management of COVID-19

  • employ staff and have fewer than 20 employees at the time of applying for the grant

  • have a valid Australian Business Number (ABN) active as at 23 March 2020

  • be registered for GST

  • have a Queensland headquarters

  • have an annual turnover of over $75,000 for the last financial year

  • have a payroll of less than $1.3 million

  • not be insolvent or have owners/directors that are an undischarged bankrupt.

  • Only 1 application will be accepted from an individual ABN or a financial beneficiary of a business.

How to access

Note that Round 2 applications are now closed to businesses located in South East Queensland. Businesses from regions outside of South East Queensland are still able to apply.

To apply, complete the following steps:

  1. Visit the Small Business COVID-19 Adaption Grant Program page here

  2. Read the eligibility criteria

  3. Read the application guidelines, terms and conditions and frequently asked questions (FAQs)

  4. Apply using the QRIDA portal link here