Wednesday, 5 February 2020
SMALL businesses and local councils affected by the recent bushfires can now access a suite of financial assistance packages thanks to the NSW and Commonwealth Governments, Northern Tablelands MP Adam Marshall announced today
The financial support includes grants of up to $50,000 for small businesses directly affected by bushfire, up to $250,000 to local councils, a Bushfire Working Capital Loan of up to $50,000 and low interest loans of up to $500,000 to small businesses, primary producers and not-for-profits in bushfire-impacted council areas.
Mr Marshall said the new financial support would go a long way to helping businesses and councils affected across the region.
“These financial support measures will assist bushfire-affected businesses across our region get back on their feet,” he said.
“Whether your place was directly damaged by the fires or your business suffered a downturn due to the bushfires, you can access one or more streams of financial assistance right now.
“I urge those impacted in our region to take advantage of the assistance which is on offer the help rebuild your business.”
Financial assistance includes:
• Grants of up to $50,000 for eligible small businesses and non-profit organisations which sustained direct damage to their premises, equipment or stock from the bushfires (via Service NSW);
• Payments up to $250,000 to local councils impacted by bushfire for small-scale local activities that will kick-start the social and economic recovery of their communities; and
• Loans of up to $500,000 specifically designed to provide an immediate injection of money to help return and continue business operations by covering salaries or wages, rent, lease and rates, as well as purchase of goods and services (via NSW Rural Assistance Authority).
Small Business Grants
The Commonwealth Government announced on Monday, 20 January, a Small Business Bushfire Recovery Package that included recovery grants, concessional loans, a Small Business Financial Support Line, Local Economic Recovery Plans and tax relief. Those small businesses who have already accessed up to $15,000 under the existing Small Business Grants scheme, can now apply for additional funds, bringing the total available to $50,000.
The grant is being administered through Service NSW and is available to eligible, fire-affected small businesses within Category C declared Local Government Areas (LGAs) since 31 August 2019.
For more information on eligibility criteria and to register to apply for the grant, visit www.service.nsw.gov.au/transaction/register-small-business-bushfire-recovery-grant
Bushfire Community Resilience and Economic Recovery Fund
Councils will be offered payments of a minimum $100,000 and up to $250,000 for small scale local activities that will kick-start the social and economic recovery of their communities. This quick and flexible funding will be made available to eligible councils from early February 2020.
Councils can use funding straight away for events or initiatives that support local business and industry recovery, as well as community resilience and wellbeing.
Initiatives could include:
• local recovery support services for impacted small businesses;
• local industry recovery events;
• Neighbourhood and community strengthening activities that focus on building capacity, community strengthening and resilience.
Bushfire Working Capital and Recovery Loans
The Bushfire Working Capital Loan is up to $50,000 and is specifically designed to provide an immediate injection of money to help return and continue business operations by covering salaries or wages, rebuilding infrastructure and purchase of goods and services. Its terms are up to five years, with a two year interest free and repayment free period.
The larger Bushfire Recovery Loan of up to $500,000 is over 10 years, with a two-year interest free and payment free period. It is available for significantly larger investments where required. Applications and details are on-line, via the NSW Rural Assistance Authority www.raa.nsw.gov.au