As the administration process of OneSteel Manufacturing commences, details of the SA Business Creditor Assistance Scheme has become available, as well as for Whyalla businesses who have experienced a decline in revenue.
Creditors are encouraged to submit a proof of debt to the administrators and register this with the SA government. This can be done here.
The Creditor Assistance Scheme allows for grants of up to $5 million, or to the value of the specific debts owed by OneSteel are available to SA businesses.
Businesses that are based in Whyalla and are owed $5,000 or more may be eligible for an interim payment of up to 50% of the eligible debts owed, up to $1 million. This stream will require a lower level of documentation than the above scheme and is only available to firms based in Whyalla. This can be expanded in the future depending on the debt’s details.
SA Industry Advocate John Chapman, who has been appointed to oversee the scheme has said that funds can hope to be transferred in approximately a fortnight.
There is further support for Whyalla businesses who don’t necessarily have debts owed but “have experienced a reduction in revenue as a result of the decline in activity at OneSteel Manufacturing”. Grants of this nature of up to $10,000 are available to meet costs like salaries and rent, but also for things like seeking financial advice and supporting existing employees.
There is also a career transition service that is available to workers who may be facing redundancy, reduced hours or unemployment as a result of the administration.
More information about the SA government support:
SA Business Creditor Assistance Scheme
