11 aged care providers received Govt grants worth $3.5M on average to close or be sold
The Department also offers the free Aged Care Financial Monitoring and Business Assistance Program
Last month, we reported that Wesley Mission applied for a Business Improvement Fund (BIF) grant, but was knocked back. Less than 12 months later, the Not For Profit provider closed its three aged care homes. The BIF, launched in early 2020, provides grants to aged care providers in rural and remote areas that are experiencing financial challenges. The Department of Health and Aged Care provided us with the latest data on its BIF grants. As seen in the table below, nearly 150 aged care providers have received grants worth an average of nearly $500,000 – but more than 200 missed out.
The Department also offers the Structural Adjustment Fund, which helps providers exit aged care through either a change of ownership or winding down operations. The Department invites providers to apply, with a focus on regional and remote homes. 11 operators have received nearly $3.5 million on average to help them close or transition to a new owner – see the table below.
The Department also offers the free Aged Care Financial Monitoring and Business Assistance Program. Experts work with aged care providers in this program to help them address financial issues early, so that they can continue to operate for the long term – the aim is to prevent services from closing. The Department directly contacts providers who may be experiencing financial stress and could benefit from participating in the program. Providers can apply for grants through GrantConnect.
