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Covid-19 | Federal & State Governments Stimulus Measures banner.Updated: 29 March 2020

Government Stimulus Measure:

Queensland $250,000 Loan

What is the stimulus/relief?

Loans of up to $250,000 for eligible Queensland businesses and non-profit organisations. The loans will:

  • have a maximum term of 10 years;
  • be interest free for the first year; and
  • have no repayment obligations for the first year.

The Queensland Rural and Industry Development Authority ("QRIDA") will determine concessional interest rates and repayment terms for the second and subsequent years of the loan.

What is the aim of this initiative?

To support eligible businesses and non-profit organisations financially impacted by COVID-19 to maintain operations and retain employees by providing assistance to meet working capital expenses, including, for example:

  • paying employee wages;
  • paying creditors;
  • paying rent and rates; and
  • buying goods for the purpose of carrying on the business.

Who is eligible?

Businesses and non-profit organisations are eligible for the loan if the entity:

  • holds and Australian Business Number;
  • is registered for GST2;
  • has more than 1 full-time equivalent employee in Queensland;
  • has continuously operated its business since 1 July 2017;
  • has suffered a loss of income as a result of COVID-19;
  • is viable under normal business conditions;
  • is able to service the loan under normal business conditions; and
  • intends to continue operating the entity's business after receiving the loan.

__________________________________

1 Working capital expenses do not include refinancing existing loans or equipment finance, or purchasing new equipment or other assets.
2 Not a requirement for non-profit organisations.
3 Viability will be assessed by QRIDA upon application.

How do I get it?

QRIDA is responsible for administration of the loans and is currently taking expressions of interest.

To register your interest, email QRIDA at contact_us@qrida.qld.gov.au or freecall 1800 623 946.

More Info:  https://www.qld.gov.au/about/industry-recovery

Who should use this stimulus/other considerations?

A loan under this scheme must be secured to the satisfaction of QRIDA. You may need to discuss security arrangements with your other financiers or a qualified lawyer before proceeding with a loan under this scheme.

Closing comment

The Government is moving quickly and things are changing daily with regards to the response to COVID-19.  

Should you have any queries regarding this measure or any Government measure announced in relation to COVID-19, please contact our office for more information.

If you would like to print this information, please click here for our PDF format.

Disclaimer
The information provided in this information sheet does not constitute advice. The information is of a general nature only and does not take into account your individual situation. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you contact Brentnalls SA before making any decision to discuss your particular requirements or circumstances.
 

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