One of Queensland’s leading specialists in apprenticeships and traineeships and AITC Corporate Alliance Partner, BUSY At Work, welcomes the introduction of the Trade Support Loans Bill.
The Federal Government is supporting Australian Apprentices in skills shortage areas by establishing Trade Support Loans, whereby as of Monday 21 July 2014, The Federal Government’s delivery of Trade Support Loans officially commenced.
The loans will support Australian Apprentices in skills shortage areas by allowing apprentices to borrow up to $20,000 over the period of their apprenticeship.
Paul Miles, CEO BUSY At Work said he welcomed the Trade Support Loans.
“The Trade Support Loans are a fantastic solution to ease the financial burden by providing apprentices with real support while they complete their skills training”.
To be eligible the Trade Support Loan targets occupations on the Trade Support Loan Priority List plus those undertaking Certificate II, III or IV in Agriculture, as well as Horticulture in selected rural/regional areas, which are skills vital to the future growth of the Australian economy. It helps Apprentices when they need it most whilst supporting the broader objective of ensuring that more Apprentices complete their qualification.
Apprentices can receive monthly payments up to $8,000 in their first year and $6,000 in their second year when they need it most. Then up to $4,000 in their third year and $2,000 in their fourth year.
Apprentices who successfully complete their Apprenticeship will immediately be rewarded by having 20 per cent of the amount borrowed, or up to $4,000, deducted from their loan.
“The Program will provide assistance with the expenses associated with living, learning and completing an apprenticeship and help apprentices focus on completing a trade qualification. We often found that under the previous Tools for the Trade arrangement, the payments were not spent on tools or living expenses. This change ensures all apprentices are given the ability to better understand how to use the available support out there to complete their apprenticeship”.
The loans will be repayable once apprentices are earning a sustainable income.
MEDIA CONTACT: Leanne de Toerkenczy, Public Relations Coordinator