Victorian Interest Subsidy Scheme
The Victorian Government Interest Subsidy Scheme for Non-Government Schools is an annual program which aims to support non-government schools in the repayment of borrowings undertaken to finance capital expenditure on buildings and 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. In recent years, this maximum has been set at $300,000.
Eligibility guidelines as follows:
- 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 twelve-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 2019 are now closed.
Applications for the next round of funding are scheduled to open in July 2020. Application details and forms will be available here as well as forwarded to all schools via ISV weekly memoranda in July 2020.