This program provides loans towards capital improvements and equipment purchases.
Applications are submitted through the online application system SmartyGrants. Applicants will need to register or log in to SmartyGrants before starting their application.
Opens: 2 September 2019
Closes: 14 October 2019
Notification for each round will occur within ten weeks of the closing date.
Who can apply?
Low-interest loans are available for individuals, groups and organisations.
Tasmanian organisations (including museums and collections), individuals based in Tasmania who are over the age of 18, and groups with at least one Tasmanian member over the age of 18 are eligible to apply. If your group has interstate members, only the Tasmanian member/s can be the borrower.
Applicants must meet Arts Tasmania’s general eligibility requirements.
What can I apply for?
The low-interest loans program provides investment towards capital improvements and the purchase of equipment.
The low-interest loans program does not support projects, manufacturing, and the purchase of materials. If you are interested in being supported for projects, manufacturing and the purchase of materials, please see Arts Tasmania’s grant opportunities.
For museums and collections, the asset purchase must have outcomes in one or more of the areas of improving access to collections, collections management and care, museums management and/or product development.
How much can I apply for?
You can apply for up to $15 000, with a minimum loan request of $1 000.
There may be a limit on the available loan funds, so please contact Arts Tasmania to discuss your loan request.
The 2019-20 interest rate is 0.90% per annum. Interest rates are variable, and reviewed on an annual basis.
How do I repay my loan?
Loan repayments occur in monthly instalments. A minimum repayment amount of $1 000 principal per annum plus interest applies.
The lifetime of your loan is determined by the purchase or project for which you are seeking investment.
The maximum loan term is five years and the loan term can be varied depending on your ability to meet the repayments.
You are able to pay out the remainder of your loan at any time.
Will I be required to provide security on my loan?
If seeking a loan greater than $10 000, applicants are be required to provide security in the form of a guarantee.
How will applications be assessed?
The arts or collections component of applications will be assessed by multi-artform peers against the criteria of:
For more information, please visit criteria.
Low-interest loan applications are also assessed on the applicant's capacity to repay the loan.
Capacity to repay the loan will be determined by a credit check that is conducted by the Department of State Growth.
Arts Tasmania will contact you to request:
- copies of your last two tax returns or a statement showing their last two years of Centrelink payments; or,
- copies of your organisations audited financial statements and tax returns (if your organisation is required to submit tax returns) for the last two years and a budget for the next 12 months.
Help with your application
You can discuss your application with a member of Arts Tasmania’s grants team.
Contact the grants team on 03 6165 6666 or email@example.com
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