Victorian businesses ravaged by the tragic bushfires will receive $51 million worth of state and federal government support, including cash grants, low-cost loans and access to dedicated mentors.
Grants of up to $25,000 will be offered to businesses destroyed by the fires, with initial payments of $5000. In addition, businesses will be able to access loans for 15 years of up to $200,000 at a concessional rate of 3.2% for the first five years.
The Victorian Government is also providing 100 professional business advisers and counsellors to advise effected entrepreneurs on the best way to re-establish their business. The services will be delivered through the Victorian Employers’ Chamber of Commerce and Industry and the Small Business Mentoring Service.
Victorian Premier John Brumby said providing help to small businesses is crucial to helping them get back on their feet.
“So many people in bushfire-affected towns have put their heart and soul into their small businesses – and this assistance will be crucial to helping businesses and communities rebuild.”
VECCI, which estimates more than 60 businesses have been totally destroyed by the fires, has applauded the funding. But chief executive Wayne Kayler-Thomson has warned more support will be needed as the extent of the damage to industry is assessed.
“It will be crucial to roll out the first phase of this program strategically and consider a second phase for those businesses indirectly affect by the fires. This should include a strategic tourism marketing effort, which will be needed to bring tourists back to fire-affected areas once the fires are out.”
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Individuals, businesses and organisations wishing to make a donation to the State Government’s Victorian Bushfire Appeal Fund can go to www.redcross.org.au or call the toll free number 1800 811 700
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
