As the extreme weather conditions continue along Australia’s eastern coast, small businesses in the region find themselves facing yet another crisis and in need of support. Thankfully, government assistance is available for businesses affected by flooding.
In Queensland, Disaster Recovery Funding Arrangements (DRFA) have been made available in the following local government areas: Barcoo, Boulia, Bulloo, Burke, Cloncurry, Diamantina, Flinders, Longreach, McKinlay, Mount Isa, Paroo, Quilpie, Winton, Brisbane, Fraser Coast, Gold Coast, Gympie, Ipswich, Lockyer Valley, Logan, Moreton Bay, Noosa, North Burnett, Redland, Scenic Rim, Somerset, South Burnett, Southern Downs, Sunshine Coast and Toowoomba.
Disaster Assistance Loans
Under the DRFA, affected businesses can access a Disaster Assistance Loan of up to $250,000 for a loan term of up to 10 years.
These loans are intended to assist small businesses to re-establish normal operations by covering costs such as repairing or replacing damaged equipment, repairing or replacing buildings or meeting rent and rates requirements.
A loan under the scheme must be secured by a mortgage of land or other assets satisfactory to the Queensland Rural and Industry Development Authority (QRIDA).
Find out more information on the Disaster Assistance Loans here.
Essential Working Capital Loans
Businesses can also access loans of up to $100,000 for a loan term of up to 10 years to cover working capital expenses.
These expenses could include paying salaries or wages; paying creditors; paying rent or rates; and buying good essential to running the business, such as fuel.
A loan under the scheme must also be secured by a mortgage of land or other assets satisfactory to the QRIDA.
Find out more about Essential Working Capital Loans here.
Freight subsidies for primary producers
Freight subsidy payments of up to $5,000 are available for eligible primary producers.
These grants may cover the costs of moving emergency fodder for livestock; moving building or fencing materials, or machinery and other equipment; and moving animals purchased to restock after a disaster.
Primary producers may also be able to access farm management grants, replanting or restocking grants, and recovery and resilience grants.
Special Disaster Recovery Grants
Though not yet confirmed, Special Disaster Recovery Grants may also be available under the DRFA.
These would provide up to $25,000 for affected small businesses and up to $50,000 for affected primary producers.
The grants are intended to cover the cost of hiring or purchasing equipment or materials; removing debris; replacing fencing, and other costs of the clean-up and recovery process.
They can also cover repairs to premises and internal fittings that may not be covered by insurance.
Find out more about the Special Disaster Recovery Grants here.
At Advivo, we’re here for you. Please stay careful, and don’t hesitate to get in touch with us if you need any assistance.