Loans for Tasmanian tourist accommodation businesses

The Tourist Accommodation Refurbishment Loan Scheme provides tourist accommodation businesses with low interest loans for refurbishment projects to improve and upgrade existing tourist accommodation.

Overview

Tourist Accommodation Refurbishment Loan Scheme provides low interest loans to Tasmanian commercial accommodation businesses to help with the costs of upgrading and refurbishing their facilities.

Funding can be used to increase the standard of existing accommodation, including:

• reconfiguring guest rooms to improve the appearance
• redecorating
• installation of new bathrooms
• refurbishing existing common guest spaces, such as the reception area
• creating new rooms from unused space

Loans are between $50,000 to $1.5 million at a variable interest rate over a period of five years.

What are the eligibility criteria?

To be eligible, you must own an accredited commercial accommodation business in Tasmania which:

• has three or more rooms available to hire if located in a suburban or regional area, or
• has five or more rooms available to hire if located in the CBD of a city
• is registered for tax purposes in Australia with an Australian Business Number (ABN) and be registered for GST
• operates as a sole trader, trust, partnership or private company
• has a demonstrated clear need for the loan
• has ongoing financial viability

Find out more about the eligibility criteria at Tourist Accommodation Refurbishment Loan Scheme.

How do you apply?

Find out more about how to apply at Tourist Accommodation Refurbishment Loan Scheme.