Fed: drought aid to ease small business woes - COSBOA
CANBERRA, Dec 9 AAP - Further federal drought assistance announced today would helpregional small businesses which had been carrying the credit for the farming community,a small business group said today.
Prime Minister John Howard announced the government would introduce new drought assistancemeasures worth $368 million over three years.
Key features of the package include an interest rate subsidy on loans of up to $100,000for stock support and drought recovery, available to farmers and small businesses in drought-classifiedareas.
Small business will also be entitled to loan support in recognition of the severe impactof the drought on their businesses.
Council of Small Business Organisations of Australia Ltd (COSBOA) chief executive MikePotter said his group was fully supportive of the initiatives.
"FarmAid has supported the farming community in their struggle and the Prime Minister'sinitiatives in interest rate subsidies now provides real help to those small businessesthat have been severely affected by the drought," Mr Potter said in a statement.
He said COSBOA also supported initiatives by the Australian Taxation Office allowingfarm and off-farm businesses to apply for more time to pay their tax debts without interestcharges or payment by instalment without interest charges.
"Rural small business is the quiet achiever supporting rural Australia in their hourof need," Mr Potter said.
"The credit that has been extended by small business to the farming community has beenoutstanding but cannot continue forever.
"These initiatives announced today by the Prime Minister will help small business survivethis credit hurdle until the farming community gets back on its feet, and it will."
AAP dep/jmd/de
KEYWORD: DROUGHT COSBOA
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