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 1 July 2021 to 30 September 2021.
COVID 19 has 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 Support Loan Program. The purpose of this funding is to assist eligible residential aged care providers to refund their RADs until 31 December 2021 without triggering an insolvency event.
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Refundable Accommodation Deposit Support Loan Program opening on 1 July 2021