The Palaszczuk Government has secured an additional $500 million in funding for its program of 12-month interest free loans for COVID19-affected businesses, doubling the initial commitment.
Minister for Agricultural Industry Development and Fisheries Mark Furner said the additional funding would continue to be administered through the Queensland Rural and Industry Development Authority (QRIDA), but would be provided through the Queensland Investment Corporation, supporting thousands of Queensland businesses and tens of thousands of Queensland jobs.
“Our 12-month interest free loans of up to $250,000 have overwhelmingly been taken up by businesses that don’t pay payroll tax – 86% of loans recipients fall below the $1.3 million wage threshold,” Mr Furner said.
The number of applications for the $500 million program of 12-month interest free loans up to $250,000 meant it was oversubscribed.
In accordance with the terms of the program, applications were no longer accepted after the 18thof April.
“By working with the Queensland Investment Corporation, we’ve been able to provide an additional $500 million to fund these loans,” Mr Furner said.
“QIC’s reputation as an internationally-renowned investment manager gives us the ability to access funding in way that other jurisdictions might not be able to do.”
Mr Furner commended QRIDA for its work in delivering the funding.
“QRIDA has an established track record of helping Queenslander in their hour of need, but traditionally that has been through cyclone, drought, or other natural disasters,” Mr Furner said.
“The scale and complexity of what they have been able to deliver in a short period of time has helped protect the jobs of tens of thousands of Queenslanders.
“QRIDA will also provide free access to business advisory services for business who submitted a formal application but were unsuccessful in securing funding.”
The additional loan funding takes the value of COVID-19 measures committed to support Queenslanders’ health and Queensland households, jobs and businesses to over $6 billion.