Victorian Interest Subsidy Scheme
Applications for 2020 are now open
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.
- Projects must have commenced in 2018 or 2019.
- Eligible loans are commercial loans, commercial bills or lines of credit that are specifically raised by a school to finance the cost of capital work as described above.
- Loans must be in operation during the period from 1 July 2019 to 30 June 2020.
- Existing loans, bills or lines of credit in operation for purposes other than the specified project are not eligible unless an increased limit has been approved for the specific purpose of funding the specified project. Only the amount of ‘new’ borrowings is eligible.
- Bridging loans are not eligible.
Schools may submit only one application per year. If eligible, interest may be subsidised for a period of three years.
Due to the limited funding available, the subsidy is applied to a maximum level of borrowings, which in recent years has been set at $300,000.
If your school is interested in applying, please download and complete the application form below and submit to VISBGA along with a letter from your lender confirming the:
- loan account or loan reference number
- purpose of the new loan or increased limit, i.e. verification that the borrowings relate to the project nominated in the application
- initial loan amount; or if an existing facility, the facility limit prior to the project and the increase approved for the purpose of the project
- total interest paid on the entire loan or facility for the twelve-month period from 1 July 2019 to 30 June 2020
- date borrowings for the project were first accessed or drawn down
- loan balance as at 30 June 2019
- loan balance as at 30 June 2020
- interest rate as at 30 June 2020.
Completed applications (including lender’s verification letter) should be submitted no later than Friday 21 August 2020. Submit your application to Rhiannon Matthews at ISV via the link below.
Successful and unsuccessful applicants will be notified by 24 September 2020.