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The Sarnia-Lambton Enterprise Improvement Company helps ship a brand new authorities loan program for small companies that didn’t qualify for earlier COVID-19 reduction help.
The Regional Aid and Restoration Fund presents monetary assist for companies in Lambton County impacted by COVID-19 however unable to entry different federal and provincial reduction funding, or loans from conventional monetary establishments, the company stated.
“Many of the ones we’ll be looking at for this are folks who have fallen between the cracks of previously announced programs,” stated Don Anderson, common supervisor of the government-funded non-profit enterprise growth company.
The fund will present no-interest loans of as much as $40,000 with no funds required till Dec. 31 2022, however as much as 25 per cent of the borrowed quantity will be forgiven if the enterprise pays 75 per cent again by then. At that time, the debt converts to a three-year loan at 5 per cent curiosity.
Details about the loan program and find out how to apply will be discovered on the company’s web site, slbdc.com.
Companies anticipated to qualify may be sole proprietors and others not in a position to entry different COVID-19 reduction packages as a result of they didn’t meet the minimal payroll or different necessities, Anderson stated.
It may even be an possibility for these unable to entry assist from packages aimed toward providing companies lease reduction, Anderson stated.
“There’s an opportunity here to provide some wage support, those ongoing costs for the business,” and what a enterprise proprietor wants to have the ability to reopen, he stated.
“There may be physical changes you have to make,” or adjustments in how the enterprise delivers its providers, Anderson stated.
The enterprise growth company can be including to its means to supply ongoing assist for companies locally, together with taking a look at what they should do to reopen with the easing of COVID-19 restrictions and the setting of recent authorities tips, he stated.