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Flood Business Support – Rural Assistance Authority Loans

Written by Gabrielle Bow . July 12, 2022
3 min read

While it's our hope that many of your businesses have escaped harm from terrible rains recently, we know that is not the case for everyone. If you have been seriously impacted by the NSW floods in July 2022, the NSW Government will provide financial support for eligible small businesses, of which the information will be available soon. What it’s important you do now is take photos of any visible damage and create a list of the direct damage and costs associated with repair or restoration.

In the meantime, there is current support available through the NSW Rural Assistance Authority (RAA).

Contents

NSW RAA can provide a loan to businesses located in one of the declared Local Government Areas (LGAs) if they have assets that have been significantly damaged as a direct result of the July 2022 floods.

For each loan, the first two years are interest and repayment free. Thereafter, the interest rate is currently 0.80% (subject to change). The total term of the loan is 12 years.

A registered mortgage over the land is required.

Following are the loans available.

Primary Producers

Primary producers may be eligible for concessional loans up to $130,000

Basic eligibility requirements:

  • Has a right or interest in a farm enterprise
  • Contributes a part of their labor and capital to the enterprise
  • Derives at least 50% of their gross income from the enterprise
  • Is identified by the ATO as a primary producer, with an ABN
  • Has their primary production enterprise located within a declared local government area
  • Have assets which have been significantly damaged as a direct result of the July 2022 floods

Small Businesses

Small businesses may be eligible for concessional loans up to $130,000

Basic eligibility requirements:

  • Have fewer than 20 full time (or equivalent) employees
  • Are a registered business, partnership or sole trader
  • Have an ABN
  • Provide the owner with their primary source of gross income (more than 50%)
  • Have assets which have been significantly damaged as a direct result of the July 2022 floods

Not-For-Profit Organisations

Not-for-profit organisations may be eligible for concessional loans up to $25,000

Sporting Clubs

Sporting clubs may be eligible for concessional loans up to $10,000

We will provide more information on the additional financial support the NSW Government will provide as soon as information is released.

For assistance with the above details or other circumstances, our team is available so please talk with us today.

Written by Gabrielle Bow . July 12, 2022
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