QRIDA – Disaster Assistance Loans: Non-Profit Organisations

This program aims to provide concessional loans to non-profit organisations whose assets have been significantly damaged as a direct result of an eligible disaster.

Loans of up to $100,000 are available.

The amount available is based on an assessment of an applicant’s financial position, including any amount recovered under an insurance policy and cannot be more than the amount of the net loss caused by an eligible disaster.

The term of the loan is decided by QRIDA up to a maximum of ten years. An interest only period of up to two years may be granted. The initial annual interest rate for the concessional loans is 1.37% for North & Far North Queensland Monsoon Trough (25 January – 14 February 2019).

Eligible applicants must:
- Be a non-profit organisation.
- Have suffered direct damage to essential premises, plant, equipment or stock as a result of an eligible disaster.
- Have carried on in the defined disaster area immediately before the eligible disaster.
- Provide security satisfactory to QRIDA.
- Demonstrate an ability to repay the loan.
- Have taken reasonable precautions to avoid or minimise loss or damage from the disaster, for example - adequate insurance.
- Be responsible for the cost of repairing or replacing the damaged assets.
- Be unable to repair or replace the damaged assets or return to operations from their own resources or without assistance under the scheme.
- Have used all liquid assets and all normal credit sources up to normal credit limits (this will be assessed in relation to the expected cost of recovery and projected cash flow shortfalls).
- Have not taken excessive risks in carrying on the non-profit organisation.

Eligible activities are those that re-establish normal operations including:
- Repairing or replacing damaged plant and equipment.
- Repairing or restoring essential premises, including – grounds, amenities and infrastructure.
- Supplying stock for up to one month to replace lost stock and maintain liquidity of the organisation.

Loan funds are not provided to compensate for loss of income suffered as a result of the disaster.