Providing organisations access to low interest rate loans between $500,000 and $10 million to deliver community sport and recreation infrastructure.
The innovative $100 million Community Sports Infrastructure Loans Scheme was announced as part of the 2018-19 Victorian Budget as part of a broader approach to increase infrastructure investment.
The scheme is in addition to the Labor Government’s record investment in community sports infrastructure – $241.6 million in the 2018-19 Victorian Budget and over $400 million since 2014.
The scheme will support the delivery of community sport and recreation infrastructure by providing organisations access to low-interest government-guaranteed loans between $500,000 and $10 million.
The objectives of the loans scheme include:
increase opportunities for councils, clubs, associations, educational institutions and facility managers to invest in the development of community sport and recreation infrastructure, in addition to existing funding opportunities
incentivise organisations such as local government to bring forward community sport and recreation infrastructure delivery
increase the capacity and access to sport and recreation opportunities in Victoria
facilitate the upgrade and development of significant metropolitan and regional community sport and recreation infrastructure
encourage a collaborative approach to infrastructure delivery including partnerships with commercial partners that improve an organisation’s financial sustainability
support projects which provide the greatest community access and benefit
support a range of organisations who can demonstrate the capability and capacity to deliver the Victorian Government’s objectives as outlined in the Active Victoria Strategic Framework.
Projects that may be supported under the scheme include, but are not limited to:
new or redeveloped indoor or outdoor aquatic leisure facilities
Organisations may seek lending approval for loans between $500,000 and $10 million.
Loans through the scheme will be provided at the Treasury Corporation of Victoria's borrowing rate at the date of contract execution. As of 25 June 2018, the interest rate for a 10 year loan from the Treasury Corporation of Victoria was 3.10 per cent (inclusive of administrative costs).*
In addition to accessing a low-interest rate loan from the Treasury Corporation of Victoria, organisations will receive additional interest subsides that will further reduce the interest rate paid by borrowers by at least 50 per cent.
Organisations will have flexibility when structuring their loan/s. Organisations will be able discuss the following conditions with the Department of Treasury and Finance and Treasury Corporation of Victoria to ensure the loan structure is consistent with business requirements:
Fixed or variable interest rate
Loan term (up to 15 years)
Requirements for a limited interest only period
Security to be provided
Timing of repayments (monthly / quarterly / semi-annual)
*It is important to note that the Treasury Corporation of Victoria’s borrowing rates are subject to market fluctuations and therefore the actual interest rate offered will be dependent on the Treasury Corporation of Victoria's borrowing rate at the date of contract execution.
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