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The Tasmanian Government has established a $50 million Regional Tourism Development Loan Scheme to provide an opportunity for operators to realise new projects with the incentive of a lower interest rate than what is available in the commercial lending market.

The Loan Scheme has been established as part of the Tasmanian Government’s 2030 Strong Plan for Tasmania’s Future.

Applications are now open for loans of between $100,000 and $3 million to support projects that assist with the development of new or improved tourism products and experiences in regional Tasmania.

Tasmanian Premier and Minister for Tourism and Hospitality, Jeremy Rockliff noted “the tourism and hospitality industries are a jobs powerhouse, employing one in eight Tasmanians across the State including many people in our regions.

“We know there is so much innovation in the tourism industry, but current commercial interest rates can make it challenging for ideas to become a reality.

“This scheme will provide an opportunity for operators to realise new projects with the incentive of a lower interest rate than what is available in the commercial lending market.

“Importantly, it will encourage developments outside of our major centres and will draw more visitors, and more visitor spending, to our regions, helping to deliver on key elements of our 2030 Strong Plan for Tasmania’s Future.”

Interest payable on the loans is concessional for three years and currently sits at a 3.85% variable rate, before converting to a commercial rate for the remaining term of up to two years.

Under the terms of the program, successful projects will also have a focus on year-round regional tourism, authentic Tasmanian experiences, environmental sustainability and inclusiveness and accessibility.

Loans under the scheme need to be secured by freehold property up to a maximum Loan to Value Ratio of 80%.

Premier Rockliff added “we know this winter is challenging for some of our tourism and hospitality businesses, which is why it’s so important to continue investing so we can drive visitors to the State and support our regions during the quieter months.

“Visitors inject $3.5 billion into the Tasmanian economy each year, and we are steadfast in our commitment to sustainably grow the industry and build on Tasmania’s reputation as a world leading tourism destination.”

For more information on the program and to apply go to: www.business.tas.gov.au

Image. Credit: Pexels 

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