Small businesses and councils affected by the bushfires can apply for a suite of financial assistance packages thanks to the NSW and Commonwealth Governments.
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The financial support includes grants of up to $50,000 for small businesses directly affected by bushfire, up to $250,000 to Local Government Areas, a Bushfire Working Capital Loan of up to $50,000 and low interest loans of up to $500,000 to eligible small businesses, primary producers and not-for-profits in bushfire impacted council areas.
State Member for Wollondilly, Nathaniel Smith MP said the new financial support will go a long way to helping businesses and councils affected in his electorate.
"These financial support measures will assist bushfire affected businesses and both Wollondilly and Wingecarribee Councils across the Wollondilly Electorate get back on their feet," he said.
Financial assistance includes:
- Grants of up to $50,000 are available for eligible small businesses and non-profit organisations with direct damage to their premises, equipment or stock from the bushfires and can help to pay for repairs, via Service NSW;
- Payments up to $250,000 to Local Government Areas impacted by bushfire for small scale local activities that will kick-start the social and economic recovery of their communities;
- 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.
- Funding is provided jointly from the NSW and Commonwealth Governments through Disaster Recovery Funding Arrangements.
Small Business Grants
The Commonwealth Government announced on January 20, 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 assistance is being provided through the joint Disaster Recovery Funding Arrangements between states and territories and the Commonwealth Government.
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 August 31 2019.
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.
Examples 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.
- These Community Resilience and Economic Recovery Grants have been previously announced
- and are being provided through the joint Disaster Recovery Funding Arrangements between states
- and territories and the Commonwealth Government.
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, and 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.
The loans are jointly funded by the State and Federal Governments under the Disaster Recovery Funding Arrangements. Applications and details are on-line, via the NSW Rural Assistance Authority www.raa.nsw.gov.au
