Bushfire recovery loan hold up but grants roll out
Farmers and small businesses who lost property in last summer’s bushfires are still waiting on approval for concessional loans from the Victorian Government.
JUST 11 farmers and small businesses, who lost property in last summer’s fires, have been successful in gaining access to Victorian Government concessional loans of up to $500,000.
As of this week $2.5 million had been allocated to those 11 applicants, out of the 52 who applied.
East Gippsland Nationals MP Tim Bull recently lodged a constituency question with Small Business Minister Jaala Pulford seeking details of the scheme, after hearing rumours that just 10 per cent of applicants had been successful.
Ms Pulford said “the key reasons for loans not being approved were due to challenges faced by financially stressed businesses in demonstrating financial viability and providing adequate security, as well as ineligible claims for business improvements”.
She said most loan applications had been for amounts exceeding $100,000, which are “subjected to more stringent requirements for demonstrating long-term financial viability and providing land security”.
There are still 32 applications under assessment, with a December 31 deadline on any new loan applications.
However a government spokesman said “we’ve successfully secured agreement with the Commonwealth to extend the application deadlines for two of the most popular bushfire recovery grants to 31 January 2021 – providing up to $75,000 to primary producers and $10,000 to small businesses.”
To date $28.7 millionhas been paid out in Primary Industries Grants of up to $75,000 to 437 applicants, with 44 assessed as ineligible and 18 more under assessment.
To date:
2259 applicants have received the $10,000 Small Business Bushfire Support Grant, for those who lost significant income due to the fires, with 388 deemed ineligible and 67 more under assessment, with the total payout at $22.6m.
111 businesses, who were directly hit by the fires and lost property received grants of up to $50,000, with 57 deemed ineligible and another 19 under assessment, with a total payout of $3.23 million
ONE wine grape grower received the Government’s $10,000 grant to help them offset the impact of smoke taint, with two deemed ineligible, while 149 received the $1200 rebate on smoke taint testing.
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