Victorian Government’s low interest loans prove popular with grassroots sport

The Victorian Government’s $100 million Community Sports Infrastructure Loans Scheme has been embraced by grassroots sports groups.

Victorian Treasurer Tim Pallas today announced that 37 applications have been received from councils, clubs, associations and educational institutions across Victoria seeking a total of $186.5 million towards $427 million worth of community sports projects.

The scheme provides low-interest, government-guaranteed loans of between $500,000 and $10 million to approved applicants for the delivery of infrastructure that boosts grassroots participation.

As well as providing access to low interest loans, the Victorian Government is subsidising interest payments that will effectively halve the interest paid by borrowers.

Eligible projects include building or upgrading community sport and recreation infrastructure such as indoor sports stadiums and community sport precincts - including pavilions, grounds, pools and synthetic surfaces.

The scheme complements existing local infrastructure investment programs, such as the Community Sports Infrastructure Fund.

The Scheme is part of an investment of $500 million by the Victorian Government in the 2018/19 Budget to ensure sport and recreation continues to play a vital role in the health and wellbeing of communities across Victoria.

Commenting on the Scheme, Treasurer Pallas advised “lLocal sport is the collective heartbeat of thousands of communities across Victoria. It’s where lifelong friendships are forged and communities can engage in vibrant and healthy activity.”

“This scheme provides opportunities for councils, clubs, associations and schools to help build their teams, save costs and help them grow.”

Image: South Belgrave Oval, courtesy of Gerard Lighting.