Grants and Loans

 

Quick Links:

 

Concessional Loans (Job Support)

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

Your business will be required to apply for the loan through the QRIDA. 

QRIDA is currently taking expressions of interest from businesses here. It is advisable to complete this form as early as possible. 

 

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. 

 

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

There is yet to be a formal list of participating non-bank lenders made available. In such circumstances, it is advisable to contact a trusted finance professional. The scheme is available now, and until 30 September 2020. 

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

The funding for this grant has been allocated. We will provide updates if any additional funds have been released. 

Government summary here.

Payment

The State Government has announced $100 million in small and micro business grants up to $10,000. 

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

To apply, complete the following steps:

  1. read the eligibility criteria
  2. read the application guidelinesterms and conditions and frequently asked questions (FAQs)
  3. apply using the SmartyGrants link