This Government initiative supports up to $90 million of lending to arts and entertainment businesses that have been adversely affected by COVID-19.
Loans under the Scheme will be backed by a 100 per cent Commonwealth guarantee and will be available through participating lenders. Pre-screening applications for the Scheme are now open. Loans must be approved by participating lenders by 30 June 2021, or until funding for the Commonwealth guarantee is exhausted.
The organisation must meet the eligibility criteria. This includes being an established Australian arts and entertainment entity for at least 24 months with an annual turnover of between $1 million and $120 million in the 2019–20 income year, or a likely annual turnover of between $1 million and $120 million in the 2020–21 income year.
Applicants must also be able to demonstrate they have been adversely affected by the Coronavirus pandemic and that the production or event would not go ahead without the assistance of the Scheme.
The purpose of the Scheme is to support new arts and entertainment productions or events for a live audience.
The Scheme is part of a range of support measures under the JobMaker package for the arts and entertainment sector.