North Queensland based AAA Consulting has welcome the Queensland Government’s announcement of a $500M extension of the Queensland Rural and Industry Development Authority (QRIDA) loans for COVID-19 impacted businesses.
Partner Ashley Evans said the take up for the program had been extensive from business owners in desperate need of a hand.
“So many clients we are dealing with have had their world turned upside down. These QRIDA 12-month interest free loans are providing a very welcome reprieve for many businesses across regional Queensland,” Mr Evans said.
“The 12-month interest free COVID-19 Job Support Loans provide assistance of up to $250,000. So far, more than 3-thousands loans to the value of $455M have been approved.
“With the Queensland Government’s announcement of a doubling of the loan pool, there are many additional businesses that will now be in a position to take advantage of the support that is available.”
AAA Consulting works with clients to source and apply for relevant grants and has been overwhelmed by locals seeking assistance following business shut-downs due to the COVID-19 pandemic.
Mr Evans said it’s important operators remember that there are many support measures available to help them get through this challenging time.
“Today we have seen reports that the Townsville economy will take a hit of some $530M due to the decimation of industries because of COVID-19,” Mr Evans said.
“It is going to take a long time for many businesses to recover and I’d encourage owners to take up every available assistance that is on offer to them.
“One of the key areas of help aside from government financial assistance is the consolidation of loans which can save tens of thousands of dollars over the course of the loan.
“By taking advantage of every available measure, local businesses will have more chance of ensuring their doors can remain open post COVID-19.”