If you are a primary producer or small business that has recently been affected by the Queensland severe thunderstorms and rainfall, tropical cyclone Jasper, fires or monsoon and flooding then the Disaster Assistance Loans are available to assist you with re-establishing normal operations.
The maximal loan amount for this loan assistance is $250,000 at an interest rate of 1.79% and a time horizon of up to 10 years with an interest only period of up to 2 years (potentially).
Concessional loans are provided to assist you to re-establish the normal operations of your primary production enterprise by covering costs such as:
- repairing or replacing damaged plant and equipment;
- repairing or replacing farm buildings;
- purchasing livestock to replace those lost in the disaster event;
- meeting carry-on requirements including:
- re-planting, restoring or re-establishing areas affected by the disaster event;
- essential property operations; and
- paying rent and rates.
To be eligible for this loan as a primary producer, there are requirements, a few of which include:
- the property where the enterprise is carried on has been significantly damaged as direct result of an eligible disaster;
- the property is either:
- in the defined disaster area for the disaster;
- the enterprise is an individual disaster-stricken enterprise as a result of the disaster
Further eligibility criteria includes:
a) provide adequate security and loans must be secured by:
- a mortgage of land and other assets satisfactory to QRIDA; and
- any other security considered necessary,
b) demonstrate the primary production enterprise will be viable with the assistance given;
c) have taken reasonable precautions to avoid or minimise loss or damage from the disaster, for example – adequate insurance;
d) have used all liquid assets and all normal credit sources up to normal credit limits (this will be assessed in relation to the expected cost of recovery and projected cash flow shortfalls);
e) have not taken excessive risks in carrying on the enterprise.
To be eligible for this loan as a small business, the requirements are relatively similar, just targeted to a business framework rather than a single primary producer.
For the full information regarding specific disaster areas, eligibility criteria, interest rates and loan terms and how to apply as either a primary producer or a small business, please visit the QRIDA Disaster Assistance Loans guidelines.
Find out more
To find out more and to apply online, visit one of the links below:
Alternative Queensland natural disaster assistance
In addition to QRIDA’s disaster assistance loans, there are a range of assistance measures now available to QLD businesses impacted by Topical Cyclone Jasper and the 2023 South East Queensland severe storms. A few of which found listed on the Queensland Tourism Industry Council include:
- QRIDA Essential Working Capital Loans
- Extraordinary Disaster Assistance Recovery Grants (Tropical North Queensland)
- Extraordinary Disaster Assistance Recovery Grants (South East Queensland)
Small businesses also have access to:
- Check if your business is eligible for state land rent and hardship assistance.
- Learn how the Queensland Government can help with tax and royalty obligations after a natural disaster.
- Find advice on pay and leave entitlements for you and your employees during natural disasters and emergencies from the Fair Work Ombudsman.
- If you have an insurance dispute, you can contact the Australian Financial Complaints Authority for assistance.
- Businesses experiencing or at risk of experiencing financial hardship can access free financial counselling and support.
- Explore a suite of small business support services on the Queensland Government Business website.
For specific links, please visit the Queensland Tourism Industry Council website.
Should you require additional information or assistance determining your eligibility, please speak to your usual Mazars advisor or contact our Queensland specialist, Owen Dingle via the form below or on +61 7 3218 3900.
Author: Marcus Cutuli
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