Small businesses may be eligible to receive an interest rate subsidy on new loans.
The new loan must be taken out by the small business for the purpose of repairing damaged assets or business carry on costs incurred as a direct result of an eligible natural disaster event.
The loan must be provided by an Authorised Deposit taking Institution (ADI).
WANDRRA provides an interest rate subsidy, currently set at 4 per cent with the subsidy payments:
In cases where no capital repayments or minimal capital repayments are made from the third year onwards a 'notional' deduction of 1/10th of the original loan principal will be deducted for each year for which the subsidy is available.
WANDRRA will fund the interest rate subsidy, annually in advance, based upon the satisfactory submission of a claim form after the anniversary date of the loan commencement. The claim form must be supported by documented evidence of the loan balance at this time. Documented evidence can be a copy of the relevant loan account statement showing the actual loan balance, on or shortly after the anniversary date. Small business proprietors in receipt of the subsidy must notify the WANDRRA State Administrator of any changes to the loan arrangement immediately.
To be eligible, a small business proprietor(s) must:
If you consider that your small business may be eligible to apply for an Interest Rate Subsidy (IRS), complete the Expression of Interest Form (EOI) - NDRRA006 and submit to the State Administrator at the address shown at the top of the form for consideration.
Small business proprietors will receive correspondence confirming eligibility to access this relief measure and further instructions on loan application procedures.
Office of Emergency Management (OEM)
WANDRRA Administrator by email to WANDRRA@oem.wa.gov.au or by phone on(08) 6551 4034 or (08) 6551 4041.