| Posted: 31 December 2009 at 2:18pm | IP Logged
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Interest Rate Subsidies for business assets damaged in a natural disaster - such as the Toodyay fires.
An interest Rate Subsidy Scheme is available to small businesses for loans provided by Authorised Deposit-taking Institutions (ADI's) where the assets have been damaged as a direct result of an eligible natural disaster, such as the recent Toodyay Bushfires.
The WANDRRA provides an interest rate subsidy of 4%, with the subsidy payments:
- capped at a maximum of $6,000 (being 4% of a loan maximum of $150,000); and
- for a maximum period of 10 years, of which the first two years only may be free of capital repayments at the discretion of the ADI.
In cases where no capital repayments or minimal capital repayments are made from Year 3 onwards, and to be consistent with those who have made capital repayments, a notional deduction of 1/10th of the original loan principal is taken for each year.
FESA will pay the interest rate subsidy annually, in advance, based upon the satisfactory submission of a claim form after the anniversary date of the loan drawdown/ disbursement, supported by documentary evidence of the loan balance at this time (e.g., provision of a copy of the relevant loan account statement showing the loan balance).
For further information contact:
FIRE and EMERGENCY SERVICES AUTHORITY of WESTERN AUSTRALIA Contact: WANDRRA Administrator by email: wandrra@fesa.wa.gov.auphone: 9323 9552
__________________
Ms Robyn Binks
Small Business Development Corporation
Young Business Network
Tel: 131 BIZ (131 249)
Email: robyn.binks@sbdc.com.au
Web: www.youngbusinessnetwork.sbdc.com.au
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Topic: Interest rate subsidies - disaster damage
