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The federal and Victorian governments have announced an $877 million recovery support package to support businesses affected by flooding.
Up to $50,000 has been made available for eligible Victorian businesses and not-for-profit organisations in order to support recovery efforts which include replacing damaged assets and rebuilding damaged infrastructure.
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The $5,000 Small Business Immediate Flood Relief (which commenced in October 2022) and the $10,000 Primary Producer Flood Relief programs will be included in the maximum amounts available through the recovery grants.
The grant can be used to cover expenses incurred from direct flood damage for:
- Qualified tradespeople to conduct repairs, internal fittings or safety inspections;
- Replacing equipment and materials and paying for clean-up services;
- The removal/disposal of debris and damaged stock/materials; and
- Replacing stock, equipment and materials that are essential for immediately resuming operations.
Furthermore, more than $22 million has been allocated for support services to enable the development of recovery plans, provide mental health support and assist in grant applications.
Additionally, grants of up to $200,000 have been made available for medium and large businesses directly devastated by the floods.
Grants of up to $75,000 have been allocated for primary producers and rural landholders to complement the existing Primary Producer Concessional Loan Program, which was announced in late October 2022.
The concessional loan program aims to hasten agricultural recovery and guarantee access to advice and support for rural and regional Victorians.
Sporting and recreational clubs are also eligible for a $5,000 grant if they have been impacted by floods.
Prime Minister Anthony Albanese said: “These additional support packages will ensure Victorian businesses can rebuild with confidence.”
Victorian Premier Dan Andrews echoed this sentiment, stating that the governments are ensuring that flood-affected business owners and communities have the support they need to “rebuild and return to trade as quickly and safely as possible”.
What banks are doing to help flood-affected customers
In mid-October 2022, the major banks made financial support available for customers who have been impacted by the recent floods.
All four of the major banks are offering relief options such as loan deferrals or reduced payment arrangements, deferred credit card repayments and waiving/refunding fees and charges.
In addition, the Commonwealth Bank of Australia (CBA) have made special arrangements for customers in flood-affected areas through its CBA Emergency Assistance, which includes temporary overdrafts, additional loans or emergency credit limit increases and emergency accommodation.
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[RELATED: Banks offer financial support for flood-affected customers]
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