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Department of State Growth

Business Growth Loan Scheme

The Tasmanian Government recognises that the private sector is critical to rebuilding and growing our economy and remains committed to assisting Tasmanian businesses to develop and transition to sustainable post-COVID operating models.

The $60 million Business Growth Loan Scheme will provide concessional loan funding to support:

  • The State’s businesses to recover, adapt, grow and develop enhanced business models that support employment retention and business growth, and
  • New projects that contribute towards employment and growth of the Tasmanian economy.

This scheme also incorporates the Heritage Places Renewal Loan Scheme, the Tourist Accommodation Refurbishment Loan Scheme and the Regional Tourism Attraction Loan Scheme.

The scheme recognises the importance of the visitor economy to Tasmania and will particularly assist businesses in this sector to improve tourism offerings within Tasmania, to build business resilience and capacity to adapt to a significantly disrupted and uncertain business environment.

Key details of the Business Growth Loan Scheme

  • The minimum loan amount is $20 000 and the maximum loan amount is $3 million.
  • The loan term for loans up to $100 000 will be up to 3 years.
  • The loan term for loans over $100 000 will be up to 5 years (longer terms may be considered on a case-by-case basis).
  • Concessional interest rates apply.
  • Loan interest will apply from the commencement of the loan.
  • Principal repayments will commence after the first year.
  • A concessional loan establishment fee of $150 will apply. Other costs may also apply.
  • Loans up to $100 000 may be approved without loan security. Loans over $100 000 will need to be fully secured.


To be eligible for a loan under this scheme your business must:

  • Hold an active Australian Business Number (ABN) and be registered for Goods and Services Tax (GST).
  • Be located in Tasmania and support Tasmanian employment.
  • Generally have an average annual turnover of less than $10 million across the last two financial years, or in the case of a new project, have a projected average turnover of less than $10 million in the first two years of operation.
  • Clearly demonstrate a history of profitability prior to the impact of COVID-19 and/or have a sustainable pathway to recovery which ultimately supports loan repayment, or for newly established businesses or new projects, satisfactorily demonstrate sound prospects that the venture will succeed and ultimately support loan repayment.
  • Confirm that statutory payments (this includes GST, PAYG-withholding, PAYG-instalments, employer superannuation obligations, payroll tax and other taxes) lodgements and payments were up to date before COVID-19 (defined for this purpose as at 1 March 2020), and that generally any overdue amounts accrued post this date are under arrangement.
  • Confirm that the planned expenditure or project cannot be funded through normal banking channels.
  • Ineligibility criteria also apply to this loan scheme – please check the guidelines before applying.

Application period

This schemed opened on 14 September and will remain open for 12 months or until all funding has been utilised, whichever occurs first.

How to apply

To apply for a loan:

  1. Read these guidelines and consider the eligibility criteria.
  2. Discuss your lending requirements with your bank to determine if your bank is able to fund, or partly fund (i.e. a co-contribution) the planned expenditure or project.
  3. Discuss your proposal with your financial or business advisors.
  4. Call Business Tasmania on 1800 440 026 if you have any questions regarding this scheme. Should your loan request be over $100 000 you are encouraged to call Business Tasmania in the first instance before applying.
  5. Click on the website link at to start an application.
  6. Businesses planning to undertake works on places permanently entered on the Tasmanian Heritage Register are expected to have discussed the proposed project or expenditure with Heritage Tasmania as part of the application process.

Application guidelines

Please read the guidelines carefully to make sure you are eligible before you apply.

Handy links

Frequently Asked Questions, and other links, will be updated shortly.