Maximum subsidy amount
5 Maximum subsidy amount
Subject to subsection (5), the maximum interest subsidy that may be given for a loan is $10,000 a year for each EC period.
The interest subsidy will be not more than 50% of the interest payable on new or existing loans for the period of the assistance, if the lender’s rate is competitive for the loan being subsidised.
Payment of the interest subsidy will be made in advance to the commercial lender for not more than 1 year and then be subject to a second year review.
If under the EC declaration, assistance may be given for more than 2 EC periods, an interest subsidy may be applied for and given for each additional EC period.
Any subsidies already given under the former small business drought assistance scheme must be deducted from the amount mentioned in subsection (1).
In this section—
EC period means a period, that is 1 year or less, for which an EC declaration applies and for which assistance may be given under the scheme.
former small business drought assistance scheme means the scheme set out in schedule 8 as in force immediately before the commencement of this definition.
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