All four major banks are now participating in the Show Starter Loan Scheme, with National Australia Bank and Westpac Banking Corporation joining ANZ and the Commonwealth Bank.
Arts and entertainment organisations can now apply for Government-guaranteed loans to help deliver new productions and events for live audiences.
The initiative will support up to $90 million of lending to arts and entertainment businesses that have been impacted by COVID-19.
Pre-screening is already underway to check organisations’ eligibility to apply for loans under the Scheme. This includes being an established Australian arts and entertainment entity for at least 24 months with an annual turnover of between $1 million and $120 million in the 2019-20 income year, or a likely annual turnover of between $1 million and $120 million in the 2020-21 income year.
Loans must be approved by participating lenders by 30 June 2021, or until funding for the Commonwealth guarantee is exhausted.