Extra $60 million for loans to boost Tasmanian business recovery

14 Sep 2020

Peter Gutwein, Premier

Michael Ferguson, Minister for State Growth

Additional support is on the way for Tasmanian businesses, with another $60 million being made available through the Tasmanian Government’s new Business Growth Loans Scheme.

We know Tasmanian businesses have been significantly impacted by the pandemic, so to assist them recover, adapt and grow, a new round of low-interest loans of between $20,000 and $3 million will be available from today.

Premier Peter Gutwein said the loans will be open to all eligible Tasmanian businesses.

“This will help to support local job creation and business growth at a time Tasmania needs it the most,” he said.

“Loans of up to $100,000 may be provided without security, and will be subject to a streamlined assessment process, meaning money in the pockets of Tasmanians faster.”

The low-interest loans will help existing businesses as we navigate through coronavirus and focus on recovery efforts.

Minister for State Growth Michael Ferguson said the Government's earlier program, the Business Support Loans, was strongly supported, and helped more than 300 Tasmanian family businesses to survive the pandemic. This new loan program is targeted at retention of jobs, as well as entirely new projects and investments that generate new jobs and apprenticeships.

“This will help grow Tasmania’s economy. Through this program, we want to see businesses in a strong position to build resilience and capacity across all sectors of our economy,” he said.

Applications will open at midday today (Monday) and will remain open for 12 months, or until the available funds are allocated.

The program guidelines are available at https://www.business.tas.gov.au/covid-19_business_support_packages

For further information or assistance, call Business Tasmania on 1800 440 026, or email ask@business.tas.gov.au