Applications for 2018 are now open. Interested schools are asked to note the information below, which highlights some changes introduced last year.
The Victorian Government Interest Subsidy Scheme provides funding to non-government schools to assist in the repayment of borrowings undertaken to finance capital expenditure on school buildings, school ground improvements and specific curriculum related equipment.
Eligibility guidelines as follows:
Projects must have commenced in 2016 or 2017.
Eligible loans are commercial loans, commercial bills or lines of credit that are specifically raised by a school to finance the cost of capital work as described above.
Loans must be in operation during the period from 1 July 2017 to 30 June 2018.
Existing loans, bills or lines of credit in operation for purposes other than the specified project are not eligible, unless an increased limit has been approved for the specific purpose of funding the specified project. Only the amount of ‘new’ borrowings is eligible.
Bridging loans are not eligible.
Schools may submit one new application per year. If eligible, interest may be subsidised for a period of three years.
Due to the limited funding available, the subsidy is applied to a maximum level of borrowings, which in recent years has been set at $300,000.
If your school is interested in applying, please download and complete the application form below and submit to VISBGA along with a letter from your lender confirming the following:
the purpose of the new loan or increased limit, i.e. verification that the borrowings relate to the project nominated in the application
the initial loan amount; or if an existing facility, the facility limit prior to the project and the increase approved for the purpose of the project
the total interest paid on the entire loan or facility for the twelve-month period from 1 July 2017 to 30 June 2018
the date borrowings for the project were first accessed or drawn down
the loan balance as at 30 June 2017
the loan balance as at 30 June 2018
the interest rate as at 30 June 2018.
Completed applications (including lender’s verification letter) should be submitted no later than Friday 17 August 2018 via email to Angela Dynan or post to:
Interest Subsidy Scheme
PO Box 119
North Melbourne VIC 3051
Successful and unsuccessful applicants will be notified by 24 September 2018.
Should you have any queries, please do not hesitate to contact Angela Dynan on (03) 9825 7287.