Business Funding Scheme

Business Funding Scheme

What is the TSRA’s Business Funding Scheme?

Under the Business Funding Scheme (BFS), the Torres Strait Regional Authority (TSRA) provides concessionary finance in the form of loans to Torres Strait and Aboriginal people of this region as well as partnerships and corporations, to acquire and/or develop commercially successful business enterprises in Torres Strait communities.

BFS Objective:  To increase the economic independence of Torres Strait Islander and Aboriginal people by facilitating the acquisition, ownership and development of commercially viable enterprises in accordance with the principles of sustainable economic development.

What does the BFS offer?

• 3% interest for loans up to $100,000
• 6.5% interest for loans up to $500,000 (maximum term is 10 years)
• Mentoring Assistance
• Opportunity to refinance existing loan
• Assistance with marketing your business
• Funding for business expansion

Am I eligible to apply for the Business Funding Scheme?

• You must be an Indigenous person and resident of the Torres Strait region
• Plan to expend at least 80% of loan funds on capital assets
• Provide a minimum of 20% equity in the business (excludes shares and kind)
• Offer adequate security to cover the full amount of the loan for the full term of the loan
• The proposed enterprise is assessed as being commercially viable
• The enterprise is to be established or is already based in the Torres Strait region

How do I apply for BFS assistance?

To apply for a BFS loan, you can contact the TSRA Field Operations Section and an application kit will then be forwarded to you. Alternatively, you can download the BFS Application Form now, and mail your completed form using the address listed below.

What is the Application Process?

Applications can be forwarded at anytime to the TSRA and assistance is subject to funds availability and all criteria being met. The process is as follows:

1. Member of public contacts TSRA for an Application Package
2. Completed Application received by TSRA
3. Proposed enterprise is subject to a financial assessment, including feasibility    study of a business plan, cash-flow and marketing options
4. The Application is assessed against criteria and/ results of financial assessment and applicant is notified of the outcome
5. If successful, applicant is sent a letter of offer, which must be signed and returned if applicant chooses to accept the offer
6. The applicant is then required to pay 20% equity to the supplier and provide a copy of the receipt to TSRA
7. Legal documents are then drawn, with funds released to the supplier
8. Client is advised of when repayments are due

How do I contact TSRA?

For more information about the Business Funding Scheme, you can contact the TSRA’s Economic Development Unit by:

Telephone:  07 4069 0700 or Toll Free 1800 079 093
Fax:  07 4069 1879
Email:   info@tsra.gov.au
Post:  PO Box 261, Thursday Island, Qld 4875

Alternatively you can visit the TSRA Office at level 1,
Torres Strait Haus, Victoria Parade, Thursday Island.