Pacific Oyster Mortality Syndrome (POMS) Recovery Concessional Loan Scheme
The Pacific Oyster Mortality Syndrome (POMS) Recovery Concessional Loan Scheme is an initiative of the Tasmanian Government providing low interest loans to oyster growers, nurseries and hatcheries that have been affected by POMS, as indicated by the Department of Primary Industries, Parks, Water and Environment.
The loan scheme will provide a loan pool of up to $5 million and provide loans ranging from $30 000 to $250 000.
Key features of the POMS Recovery Concessional Loan Scheme
- Loans are available for eligible businesses for:
- stock recovery and clean-up of affected farms
- operating costs necessary to restart, continue and redevelop operations during recovery
- modifications to infrastructure to mitigate against future POMS events
- restocking impacted oyster farms
- restructuring existing eligible debt.
- Loans exceeding $250 000 may be considered on a case by case basis for projects that either provide broad benefits to the industry or demonstrate the feasibility of new and improved farm practices to mitigate against future POMS events.
- The maximum loan term is five years.
- Loans are provided at a concessional interest rate.
- Interest only payments are available with principal loan repayment arrangements agreed on a case by case basis.
- At the end of the loan term the farm business must repay or refinance any remaining loan balance.
- The availability of loans is subject to funds being available.
To be eligible for a POMS Recovery Concessional Loan an applicant must demonstrate that they and their farm business meet the POMS Recovery Concessional Loan Scheme eligibility criteria.
Detailed information about the eligibility and assessment criteria is available in the scheme guidelines.
Applications for the POMS Recovery Concessional Loan Scheme will open on 8 April 2017 and may remain open until 1 May 2018.
Details of any revisions to the scheme over this period will be published on the Department of State Growth’s website www.stategrowth.tas.gov.au.
How to apply
Those wishing to apply should first contact an Agribusiness Finance Manager by calling Business Tasmania on 1800 440 026.
An application form can be provided once eligibility has been confirmed.
Eligible applicants should lodge their completed application form including the required documentation by post to:
Agribusiness Finance Manager
POMS Recovery Concessional Loan Scheme
Department of State Growth
GPO Box 536
Hobart TAS 7001
Applications lodged after the advertised application period closing date will not be accepted.