The government unveiled on Wednesday a new Bushfire Affected Small Business Rebuild package to ensure small businesses devastated by the recent bushfires receive immediate support tailored to their individual circumstances.
In a joint federal and state governments press release, Minister for Emergency Management David Littleproud said the government was listening to feedback from fire-affected communities.
“We are listening and acting to help fire-affected communities while supporting states to roll out recovery programs quicker than they have been,” he said.
The government’s new package includes a $10,000 grant to assist significantly impacted small businesses in selected local government areas (LGAs) get back on their feet and maintain their businesses.
To be eligible, businesses must have experienced a 40 per cent drop in revenue over a three-month period, compared with the previous year, as a result of the bushfires.
Also part of the package is relaxed and simplified access to the existing eligibility requirements for concessional loans up to $500,000. This includes a lower threshold for documentation when applying for a loan.
Furthermore, the government has removed the security requirement for loans up to $50,000 and has deployed an additional 21 business experts to recovery hubs to ensure small businesses have access to tailored advice.
NSW Deputy Premier and Minister Responsible for Disaster Recovery John Barilaro welcomed the change to application processes and said this will mean small businesses can gain quicker and easier access to emergency funds.
“We need money in these people’s bank accounts fast and there’s no time to waste,” Mr Barilaro said.
“Small businesses are the heart and soul of regional towns and when the local economy hurts, the whole town hurts, so today’s announcement is very welcomed news for all those business owners who can now begin their recovery.”
Also expressing his praises, the Minister for Small Business Damien Tudehope stressed that support is vital.
“Small businesses are crucial to every regional town’s economy, livelihood and community spirit, and the expansion of the small business funding package will mean so much to the business owners who have suffered through these devastating bushfires.”
