Building Construction Support Loan Program
The Tasmanian Government recognises the important role that the building and construction sector plays in the Tasmanian economy and will play in our COVID recovery.
To support the sector at this important time, the Tasmanian Government has allocated $30 million to provide financial assistance to eligible Tasmanian projects that will engage commercial construction companies to create new, or improve existing, buildings and associated infrastructure and can commence quickly.
Projects will need to achieve all required statutory and regulatory approvals and generally be able to commence construction within six months of receiving approval for a loan.
The Building Construction Loan Program will open for applications on 29 March 2021 and remain open until 30 September 2021 unless closed earlier at the Government’s discretion.
- Demonstrate that the project(s) will require total commercial construction expenditure of no less than $3 million.
- Include a project plan that includes detailed costings for the project. The costings provided should be able to be verified either by building contracts and/or quantitative surveyor’s reports.
- Demonstrate a clear need for the loan, to the satisfaction of the Office of the Coordinator-General.
- Demonstrate ongoing financial viability via the provision of historical financial statements with the loan application and project plan showing that Borrower will be able to service all its commitments within the agreed loan period.
- Be registered for tax purposes in Australia with an Australian Business Number (ABN) and be registered for GST.
- Be able to provide suitable mortgage security for the loan.
- Commit to using Tasmanian commercial construction companies and building consultants where possible to undertake the projects.
- Enquiries regarding the loan program application process and confirming preliminary eligibility should be directed to Ned Whitehouse, Business Project Manager, Office of the Coordinator-General on (03) 6777 2786.
Further information regarding the scheme guidelines can be found here.