Interest Subsidy Scheme
Applications are now open for 2016.
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 buildings and curriculum related equipment.
- Eligible loans are commercial loans and commercial bills that are raised by a school to finance the cost of capital works.
- The loans and bills must be in operation during the period from 1 July 2015 to 30 June 2016.
- The loans and bills must fall within the first three years of the loan period.
- Bridging loans are not eligible.
- One subsidy shall apply to each project with a maximum of two subsidised projects at any one time per school. If applying for more than one subsidy, separate applications are required. Schools may submit no more than two applications.
- 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.
Commercial bills and loans raised to finance more than just the cost of capital works must be apportioned accordingly. Schools must provide a schedule of all bills drawn down during the period stating:
- the date the bill was drawn down
- the total amount of the bill
- the amount attributed to costs associated with capital projects as described above
- the total interest or discount amount for that bill.
Copies of each notification from the bank stating that the bill has been drawn down must also be provided.
If your school is interested in applying and meets the requirements noted above, please download and complete the application form below and submit to VISBGA along with a letter or statement from your lender verifying the loan details and interest paid for the period 1 July 2015 to 30 June 2016.
Completed applications should be submitted no later than Friday 12 August 2016 via email to Lindy McArdle or post to:
VIS BGA Interest Subsidy Scheme PO Box 119 North Melbourne VIC 3051
Successful and unsuccessful applicants will be notified by Friday 16 September 2016.
Should you have any queries, please do not hesitate to contact:
T: (03) 9825 7287
T: (03) 9825 7218
For information on the Interest Subsidy Scheme, please visit the Interest Subsidy Scheme page.