Victorian Interest Subsidy Scheme
Applications for 2020 are now closed
The Victorian Government Interest Subsidy Scheme provides funding to non-government schools to assist in the repayment of borrowings undertaken to finance capital expenditure on school buildings, school ground improvements and specific curriculum-related equipment.
Eligible projects include:
- construction of school buildings
- upgrade of buildings including fixtures and permanently installed fittings
- school ground improvements
- specific curriculum related equipment including information technology, computers, library, music, home economics, outdoor education and other specialised equipment.
Schools may submit one new application per year. If successful, interest may be subsidised for a period of three years.
Due to limited funds being available, a sliding scale of subsidy is applied to a maximum level of eligible borrowings.
- Projects must have commenced within the preceding two calendar years.
- Eligible loans are commercial loans, commercial bills or lines of credit that are raised by a school specifically to finance the nominated capital project.
- Loans must be in operation during the 12-month period ending 30 June in the year of application.
- Existing loans, bills or lines of credit in operation for purposes other than the nominated project are not eligible, unless an increased limit has been approved for the specific purpose of funding the project. Only the amount of ‘new’ borrowings is eligible.
- Bridging loans are not eligible.
Applications open in July and close in August each year.
The VIS BGA Board considers applications and approves subsidies at its September Board Meeting. Schools are notified of the outcome of their application following the meeting, with payment forwarded to successful schools in late September / early October.
Applications for 2020 are now closed.
Applications for the next round of funding are scheduled to open in July 2021. Application details and forms will be available here as well as forwarded to all schools via ISV weekly memoranda in July 2021.