Regional Tourism Attraction Loan Scheme
The Regional Tourism Attraction Loan Scheme (RTALS) has been developed to promote tourism supply-side activity in regional Tasmania, and is managed by the Department of State Growth, with loans approved by the Tasmania Development and Resources Board (TDR).
RTALS supports the T21 Visitor Economy Strategy by investing in the development of high-quality regional tourist attractions that help grow the visitor economy by meeting market demand and visitor expectation in regional Tasmania.
Funds will be allocated where projects demonstrate they will promote visitation to regional Tasmania, and increase length of stay and visitor spending. Preference will be given to projects that strongly align with other government and industry activity promoting travel outside of Hobart and Launceston, and that enhance the Tasmanian brand.
Applicants will be expected to demonstrate the project’s financial viability, and how it will deliver a product need that meets visitor expectations in its proposed region and drives economic growth. Preference will also be given to projects that demonstrate that they will attract new visitors over those that solely cater to an existing market.
- Allocation of up to $20 million for loans of up to $1 million for eligible businesses towards projects that will develop regional tourist attractions and help grow regional tourism in Tasmania.
- Loan amounts will be considered up to 80 per cent of a recognised valuation for freehold property. However, other non-freehold assets will be considered on a case by case basis.
- The maximum loan term is normally up to five years.
- Variable concessional interest rates apply, for a maximum period of three years. Commercial rates apply after three years.
- Applications must meet the eligibility criteria, however, funds will be allocated to those projects that best support the Tasmanian Government’s yield and dispersal objectives.
RTALS recognises the importance and value of businesses within the visitor economy that increase visitation to the regions in a way that complements surrounding businesses, opens up new locations to visitors, and appeals to visitors and locals alike.
This initiative is designed to assist private businesses wishing to diversify or enhance their product in ways that support regional visitor economy growth as part of their current or proposed business undertakings or business opportunities in Tasmania.
Projects must strongly align with the Tasmanian brand and the T21 priorities.
Eligible purposes may include the following activities within the visitor economy that otherwise could not be brought forward and/or financed under normal banking arrangements, on terms and conditions that are suitable to the project.
- Enhancing or expanding an existing business, its infrastructure and facilities to enable increased visitation and/or overnight stays, and greater visitor spend in regional Tasmania.
- Assisting initiatives that develop new business ventures and help to grow the regional visitor economy.
- Facilitating the use, adaptive reuse or refurbishment of an existing business to support a new business initiative that will grow the visitor economy.
Applications will be ongoing until further advised by the Department of State Growth.
How to apply
Those wishing to apply should first speak to a Regional Tourism Attraction Loan Scheme (RTALS) 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 to:
Regional Tourism Attraction Loan Scheme (RTALS) Finance Manager
RTALS Loan Scheme
Department of State Growth
GPO Box 536
Hobart TAS 7001