Interest Subsidy Scheme
Applications for 2017 are now open. Interested schools are asked to note the information below, which highlights some changes to the eligibility guidelines.
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 2015 or 2016.
- Eligible loans are commercial loans, commercial bills or lines of credit that are 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 2016 to 30 June 2017.
- 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 limited funds being available, a sliding scale of subsidy is applied to a maximum level of eligible borrowings. In recent years, this maximum 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, ie. 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 2016 to 30 June 2017
- the date borrowings for the project were first accessed or drawn down
- the loan balance as at 30 June 2016
- the loan balance as at 30 June 2017
- the interest rate as at 30 June 2017.
Completed applications should be submitted no later than Friday 11 August 2017 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 Monday 25 September 2017.
Should you have any queries, please do not hesitate to contact Angela Dynan on (03) 9825 7287.
For information on the Interest Subsidy Scheme, please visit the Interest Subsidy Scheme page.