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Government support of up to $75,000 for flood-hit small businesses and farmers

by OnDeck Australia,   Mar 30, 2021

Additional grants have been announced this week for flood-hit SMEs and primary producers in NSW. 

 

For many regions impacted by floodwaters, the latest disaster follows the extreme drought and bushfires of the summer of 2020.

 

The financial support is provided under the Disaster Recovery Funding Arrangements (DRFA) and is funded by both the State and Commonwealth Governments.

 

Prime Minister Scott Morrison said the Australian and NSW Governments were committed to helping communities across NSW devastated by the record-breaking floods[i].

 

“As the floodwaters start to recede, the difficulties will continue as people begin cleaning out their homes, business owners count the cost of lost equipment and farmers who have lost their livestock,” Prime Minister Morrison said.

 

NSW Deputy Premier John Barilaro, the state Minister responsible for disaster recovery, said the impact on communities has been evident over the last few days. However, the effect on the farming and business sectors was still to be assessed.  “These recovery grants will help with clean up and recovery costs, including repairing and replacing damaged assets. This will be a massive boost to our farmers and small business owners, which are the backbone of our nation’s economy.”

 

1. Small business recovery grants up to $10,000 (income loss)[ii]

 

The $10,000 grants are designed to help a small business that has experienced a significant decline in revenue. The grant could be used to meet business costs, seek financial advice or adjust the business and make it more resilient.

 

2. Small business recovery grants up to $50,000 (direct damage)

 

There is also a $50,000 grant available to provide short-term targeted assistance for recovery and reinstatement activities, including safety inspections, repairs to premises and internal fittings, and stock replacement.

 

3. Primary producer recovery grants up to $75,000 (direct damage)

 

The Primary producer recovery grants can provide short-term targeted assistance for recovery and reinstatement activities for farmers, including salvaging crops and repairs to damaged farm infrastructure such as fencing and equipment.

 

For more information on eligibility criteria, visit the >Services Australia website or contact the Australian Government Information Hotline on 180 22 66 for claims assistance.  

 

Get in touch today to find out >about OnDeck’s funding options that could support your SME’s recovery planning.

 

[1] >https://www.pm.gov.au/media/nsw-storm-and-flood-clean-grants-program-extends

[ii] >https://www.smallbusiness.nsw.gov.au/news/government-announces-grants-75000-flood-hit-small-businesses-and-farmers

 

 

Prepared by OnDeck Capital Australia Pty Ltd ABN 28 603 753 215 (“OnDeck”) for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. Information current as at March 2021. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. Loans issued in Australia are subject to the terms of a loan agreement issued by OnDeck. Loans are subject to lender approval. OnDeck® is a Registered Trademark. All rights reserved.

 

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