Tourism diversification push
A $50 million Regional Tourism Development Loan Scheme has been established with applications open for loans of between $100,000 and $3 million.
July 17 2024
By Rachel Williams
North-East tourism operators are being encouraged to apply for State Government loans of up to $3 million to diversify the region’s tourism offerings and attract more visitors to the area.
A $50 million Regional Tourism Development Loan Scheme has been established with applications open for loans of between $100,000 and $3 million.
Premier and Minister for Tourism and Hospitality, Jeremy Rockliff, said tourism and hospitality industries were a jobs powerhouse, employing one in eight Tasmanians.
“We know there is so much innovation in the tourism industry, but current commercial interest rates can make it challenging for ideas to become a reality,” he said.
“This scheme will provide an opportunity for operators to realise new projects with the incentive of a lower interest rate.
“We know this winter is challenging for some of our tourism and hospitality businesses, which is why it’s so important to continue investing so we can drive visitors to the State and support our regions during the quieter months.”
Visit North Tas CEO Tracey Mallett, who is meeting with North-East tourism leaders this week to discuss a new marketing strategy for the area, encouraged people to realise their dreams with the loan scheme.
“Talk to us at VNT about how your project might meet the criteria and we can help with your submission,” she said.
“This is a perfect opportunity to build that new accommodation or develop an RV friendly aspect of your business ahead of the new Spirits of Tasmania, or to start something new.”
North East Chamber of Commerce President Maria Branch said any investment to diversify tourism offerings, and provide more attractions for young people in the area, was welcome.
“It’s very good news and welcomed because if people are thinking about business ideas, this can be a platform to develop it,” Ms Branch said.
“I’d like to see more businesses targeting tourists and maybe some more accommodation and attractions but definitely something for the youth.
“Wouldn’t it be great to do up the Lyric and have something like a cinema – I’d adore that because we are really falling down on what we are offering our young people to keep them interested and motivated to stay here and raise a family into the future.
“It would be so special for the area.”
Ms Mallet also encouraged people to take advantage of upcoming training, including a Trusted Advisor Program and a Positive Impact Tourism Workshop being held in St Helens on September 18.
Interest payable on the loans is concessional for three years and currently sits at a 3.85% variable rate, before converting to a commercial rate for the remaining term of up to two years.