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Page Last Updated:
Tuesday, 6 October 2009 |
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Home>Media Release - Interest Free Loans
| It is not too often anyone offers money for nothing, but Loddon Shire Council has $50,000 for immediate hand-out interest free to community groups.
The council is keen for local sporting and service clubs to cash in on a little known loan scheme started by the former Korong Shire. The interest-free loan scheme could make all the difference to groups with projects but not quite enough funds, Council’s Corporate Services Director Jude Holt said.
“It is a fantastic fund that groups can use as a top up,” Mrs Holt said.
“Just say for example a group had $50,000 from the Department of Sport and Recreation and $10,000 of their own but they needed $65,000 not $60,000.
“They could get the $5000 interest free from us so they could get the project done without running the risks of costs blowing out while they raised additional funds.
At present less than 25 per cent of the total available pool of $70,000 is committed in outstanding loans.
Recent beneficiaries have included the Mitiamo Football Club, Wedderburn Cricket Club and Wedderburn Netball Club.
WNC vice president Alex Holt said the netball club had just one payment remaining to pay off the $9000 borrowed to complete earthworks and install seating around their new court.
“It was great to get the money because we had used up all our savings and all our resources just building that court.
“We really needed to create some seating around it and because it was on such a cliff-edge it was really expensive because we had to cut the seating in.
To have an interest free loan allowed us to do it straight away rather than wait while we saved.
“We are now just so grateful that we have this fantastic court which would have been unfinished for a lot longer without the loan.”
The loans are available only to community groups and not individuals. The only other stipulation is that 10 club members must agree to go guarantor to pay back the loan to council should the organisation default.
For more information about Loddon Shire Council’s interest free loans contact Manager Recreation and Community Development Mr. Allan Stobaus 54 941 200.
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