TAS Business Growth Loan Scheme
- Applications open: until 20 December 2024
- Loans: between $100,000 and $3 million
The Tasmanian Government is dedicated to assisting Tasmanian private sector businesses in expanding the economy with the $60 million Business Growth Loan Scheme.
Loans of between $100,000 and $3 million, with the loan being at a variable interest rate, and maximum of five-year loan terms are available to successful applicants.
The freehold property up to a maximum Loan to Valuation Ratio (LVR) of 80% is required.
Other essential information about the scheme:
- $100,000 is the smallest loan amount and $3 million is the maximum loan amount.
- There are concessional interest rates.
- Starting with the loan’s inception, interest will be charged on the loan.
- No later than one year following the loan’s initial drawdown, principal payments must start
What is eligible for funding?
Loan funds are available to support Tasmanian business to develop or expand, or take on new projects, that benefit economic growth of Tasmania. The eligible applicant should plan expenditures incorporate Tasmanian content to the maximum extent possible.
What companies are eligible for funding?
To be eligible, your business will:
- Be located in Tasmania.
- Hold an active ABN and be registered for GST
- Clearly demonstrate the experience and skills necessary to manage the proposed operation.
- Demonstrate that the project contributes to the growth of Tasmanian economy.
- Clearly demonstrate an ability to service the loan.
- Clearly demonstrate a satisfactory ability to meet project contingencies and cost overruns.
- Confirm that the planned expenditure or project cannot be funded through normal banking channels.
- Demonstrate the loan supports Tasmanian employment, and that Tasmanian labour and materials will be used wherever possible to complete the project.
Is this grant competitive or entitlement based?
Competitive loan grant. A judging panel will evaluate your submission alongside other applications.
How loans are assessed?
- An email acknowledging receipt of the application will be sent to the applicant.
- An employee of the Department may get in touch with applicants to ask about their applications in greater detail or to request more information.
- The Department might need to communicate with an applicant’s financial backers and business consultants.
- For the benefit of TDR, the assessment will be carried out by the Department in accordance with these rules.
- Applications will typically be evaluated in the order they are received.
- Assessment won’t start until all necessary data is obtained.
- Application for a loan and meet eligibility requirements do not ensure loan acceptance.
- The funding available for this program is limited to $60 million. Generally, projects must be close to being able to commence.
How can I get help with my application? Or know if I’m likely to win this loan?
Avant Group offers a no-obligation assessment of your eligibility for funding and will assess your likelihood of a successful loan application.