Native Journalism Initiative
The regional division of Group Futures for the Okanagan and Similkameen space might be opening purposes for a brand new federally funded emergency loan program for companies affected by COVID-19.
The loans are a part of the regional reduction and restoration funds program, which “provides financial contributions to help support fixed operating costs of SMEs, where business revenues have been affected by the COVID-19 pandemic,” in keeping with the Authorities of Canada web site.
There might be two ranges of curiosity free loans accessible, damaged into classes of over $40,000 and underneath $40,000. The smaller loans might be distributed to small and medium sized enterprises (SMEs) by the Group Futures group in regional areas just like the Okanagan and Similkameen.
“Over the past eight weeks, we have heard daily from businesses in the community about the difficult situations many of them are in. We are glad to be able to bring relief to some of those businesses through delivering a portion of the federal government’s financial aid for small business,” stated Charles Cornell, common supervisor of Group Futures Okanagan Similkameen.
He stated the loans will possible have strict standards hooked up that companies should meet, together with ineligibility for earlier packages just like the Canada Emergency Enterprise Account (CEBA) or the Enterprise Credit score Availability Program (BCAP).
Though they haven’t obtained concrete qualification necessities, Cornell additionally thinks that enterprise will need to have been viable earlier than March 1 and plan to be viable following the pandemic.
Cornell stated the loans might be nice for small companies like janitorial providers who misplaced work as a consequence of amenities being shut down, or newly opened cafes which may not have had a longtime payroll historical past previous to March 1, making them ineligible for different loan packages.
The Group Futures Emergency loan Program funds are additionally restricted to protecting working bills, like payroll, which can be important to preserving the enterprise alive.
“You can’t use it to expand business,” stated Cornell, additionally noting that paying off debt with the loan can be not potential.
The loans will possible turn into accessible to communities across the South Okanagan and Similkameen, together with Osoyoos, Oliver, the Osoyoos Indian Band, the Decrease Similkameen Indian Band, Keremeos, Oyama and Okanagan Falls.
Cornell stated purposes are usually not open but as they haven’t obtained the funds, however he anticipates they are going to be open inside the subsequent week.