COVID-19 business support loans open

Michael Ferguson,Minister for State Growth

I am pleased to announce that our new Business Support Loan Scheme, provided through the Government’s social and economic stimulus package, is now open for applications through the Business Tasmania website.

Given the significant impact the unfolding COVID-19 situation is having on Tasmanian businesses, interest free loans of between $20,000 and $250,000 have been made available to assist eligible local businesses through this difficult time*.

Loans are available for business continuity purposes, such as:

  • The purchase of business plant and equipment;
  • Improving distribution channels and online shopping accessibility;
  • Implementing initiatives to improve the sustainability and viability of the business; and
  • Ensuring essential business continuity is maintained.

Generally, loans will be considered for eligible businesses in Tasmania that operate in the hospitality, tourism and seafood export sectors, as well as related supply chain businesses and those that can demonstrate they have been significantly impacted by the outbreak.

Loans will be available to businesses with a turnover of $10 million or less as per the applicant’s most recent financial statements, however businesses with turnover in excess of $10 million per year that operate in multiple locations will be considered by exception.

We will continue to work closely with local businesses so they are ready to continue trading and return to full strength once we overcome the immediate COVID-19 threat.

This new loans scheme will be complemented by the Federal Government’s stimulus and support packages, which will be of particular value in helping businesses maintain links with their staff and want to prepare for the future beyond COVID-19.

/Public Release. View in full here.