State Interest Subsidy Scheme
VISBGA administers the Victorian Government Interest Subsidy Scheme for Non-Government Schools on behalf of the Victorian Department of Education. The 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 projects include:
- construction of school buildings
- upgrade of buildings including fixtures and permanently installed fittings
- school ground improvements
- specific curriculum related equipment, including: information technology, computers, library, music, home economics, outdoor education and other specialised equipment.
Guidelines as follows:
- Applications open in July each year.
- Projects must have commenced within the preceding two calendar years.
- Eligible loans are commercial loans, commercial bills or lines of credit that are raised by a school specifically to finance a particular capital project.
- Loans must be in operation during the period from 1 July to 30 June in the immediately preceding financial year.
- 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.
For assistance or further information, please contact Angela Dynan on (03) 9825 7287.