Eligible approved providers of residential aged care services will be able to apply for funding support under the Refundable Accommodation Deposit (RAD) Support Loan Program from July 1 to September 30 this year.
The coronavirus pandemic has clearly had a significant impact on residential aged care providers, including lower occupancy and higher than anticipated refunds of RADs.
In recognition of this, the Australian Government is making available up to $128.8 million in zero interest secured loans through the RAD program.
The purpose of the funding is to assist eligible residential aged care providers to refund their RADs until December 31, without triggering an insolvency event.
To be eligible for funding, approved providers of residential aged care must have had or expect its liquidity to fall below the relevant threshold (as set out in the program guidelines), must be assessed as being able to repay funds loaned, and is not able to access sufficient commercial or alternative financing.
For more information, including full eligibility criteria, program guidelines and how to apply, click here.
If you have further questions email RADSupport@health.gov.au.