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[6-Nov-07]
Local firm BMO Accountants is reminding small businesses affected by the drought that they may have an opportunity to secure interest subsidy support through the Queensland Government.
BMO Partner Adrian Rasmussen said that while recent rains may have provided some hope, the region’s small businesses were still suffering from the on-flow effects of the drought.
Mr Rasmussen said small businesses in the eligible Exceptional Circumstance drought declared areas still had an opportunity to apply for two years of interest subsidy support if they submit their application to QRAA* by 4 December 2007.
“Businesses that derive 70% or more of their turnover from goods or services for farming activities in Exceptional Circumstance declared areas can receive up to $100,000 in interest subsidy support,” he said.
Both Dalby and Wambo shires have been drought declared.
There is still an opportunity to apply for two payments of up to 80% of their interest payments on eligible commercial loans (to a maximum of $100,000), but Mr Rasmussen stressed it was very important to apply before 4 December.
“If you submit after 4 December, QRAA will only allow you to apply for one year of support, rather than two, before the final closing date of 15 June 2008.”
BMO Accountants has been successful in helping both business and farming clients secure drought support through QRAA.
It’s always pleasing to be able to help clients get some financial relief during these tough times,” Mr Rasmussen said.
For further information on the assistance available or details about the application process please contact QRAA on 1800 623 946, visit www.qraa.qld.gov.au or contact BMO Accountants on 4662 3722.
* QRAA is a Statutory Body established pursuant to the Rural and Regional Adjustment Act 1994. QRAA's primary function is to properly and fairly administer State and Commonwealth approved schemes of support to Queensland primary producers and small businesses.
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