The Confederation of Australian Motor Sport (CAMS) has made eight scholarship loans available for drivers wishing to compete in the 2017 Australian Formula 4 Championship.
The scholarship loans, valued at $38,500, will cover the total cost of the Mygale F4 car lease and insurance, reducing the overall season outlay to approximately $126,000.
Successful applicants must be aged between 15-2 prior to the first event and have completed at least two years of state level karting.
Under the conditions of the new program, drivers will have to repay the loan over an appropriate timeframe, while candidates will also participate in the CAMS Driver Academy.
These will be awarded to two rookie and two championship contending racing drivers.
“The scholarship loans are part of CAMS' ongoing strategy to develop the next generation of Australian racers,” said CAMS CEO Eugene Arocca.
“With the CAMS Group in a strong financial position, we are able to ensure that Australian Formula 4 remains one of the world's most affordable Formula 4 championships.
“Our investment via the Driver Development Scholarship Loans demonstrate how seriously CAMS takes the responsibility of driver development in Australia.
“The benefits of our investment filters throughout the sport, particularly when we engage with Government for funding for other projects.”
Applications for the scholarships must be lodged before November 18.