Time is running out for primary producers and small businesses located in the Duaringa-Bauhinia and Mount Morgan Exceptional Circumstances drought declared areas to apply for interest subsidy support of up to $100,000.

Applications for the EC interest subsidy payment for the Duaringa-Bauhinia area close on Wednesday, October 15, while applications for the Mount Morgan area close on Thursday, October 16, with a 28 day grace period.

QRAA chief executive officer Colin Holden says producers and small businesses in the region who have not yet applied for the first period of interest subsidy support should take advantage of this valuable financial assistance.

"By applying for the Exceptional Circumstances interest subsidy support from QRAA, producers and small businesses have the opportunity to receive financial assistance that can help them improve their enterprise’s viability, carry-on farming and business activities during the drought and undertake debt restructuring," Mr Holden said.

The assistance in this first year provides successful applicants with an interest subsidy payment up to 50pc of their interest on new or existing commercial loans, to a maximum subsidy of $100,000 (for a full 12-month period).

"It is important that producers and small businesses in the Mount Morgan and Duaringa-Bauhinia regions who have not yet applied for the first year of interest subsidy support do so before the application closing dates," he said.

"Eligible producers and small businesses who apply for support by this date may be able to receive up to two interest subsidy payments – one for the 12-month period ending in October 2008 and one for the second period ending on June 15, 2009."

A grace period applies allowing applications to be submitted 28 days after the closing date.

Applications received after this date can only be considered for the second period of assistance.

The Mount Morgan Exceptional Circumstances drought declared area includes the entire Mount Morgan Shire (as known prior to the council amalgamations).

The Duaringa-Bauhinia Exceptional Circumstances drought declared area includes the entire Duaringa Shire (as known prior to the council amalgamations) and the southern part of the Bauhinia Shire.

* For further information on the assistance available, eligibility requirements and the application process please contact QRAA on 1800 623 946 or visit www.qraa.qld.gov.au