Supporting Community Infrastructure Projects
The Andrews Labor Government is helping Victoria’s 79 councils deliver vital community projects across the state through a new low-cost loan scheme.
Minister for Local Government Adem Somyurek today announced the $100 million Community Infrastructure Loans Scheme, which will provide councils with access to low interest rate loans of between $500,000 and $10 million.
The scheme has been devised following requests from councils including Regional Cities Victoria.
Eligible projects include community centres and hubs, cultural facilities, public libraries, kindergartens and early learning facilities, heritage building restorations for community use and public spaces like parks, reserves and trails.
Victoria’s triple-A credit rating means the State can borrow money at cheaper rates than those available commercially.
This scheme will use that borrowing power to help councils get access to low interest finance, making significant community infrastructure projects financially feasible.
As well as providing access to low interest loans, the Labor Government will subsidise interest payments to further reduce the interest paid by councils – saving communities money to use elsewhere.