Residential aged care providers in financial difficulty can now apply for a share in $50 milion in funding to help them improve their business or cease operations.
The Business Improvement Fund aims to support residential aged care providers at risk of service failure through short-term grants (read more here).
Providers can apply for assistance to improve business operations, support the sale of a facility to another provider, or close the home where no other options are available.
Regional, rural and remote and small to medium sized providers will be given priority.
To be eligible, residential aged care providers, which includes National Aboriginal and Torres Strait Islander Flexible Aged Care Program and local government providers, must:
- have operational facilities in Australia
- have no or limited access to other sources or forms of support, such as from other operations or means including from a parent or related organisation
- be in a financial position significantly impacting the ability to care for residents or at risk of service closure.
The financial performance of services that receive grants will be closely monitored to decrease the likelihood of future viability or quality assurance issues and ensure accountability for funds is provided, the gant information said.
Minister for Aged Care and Senior Australians Richard Colbeck announced the BIF on 31 January.
It builds on the government’s Business Advisory Service, which is a three-year $7.4 million initiative announced in February 2019 delivered by PwC Australia and its subcontractor StewartBrown.
Applications for the BIF must be submitted by 2:00pm on 15
Find out more and apply here.
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