A couple of new programs to help businesses relaunch following closures due to the COVID-19 outbreak have been introduced.
The Canadian Business Resiliency Network has introduced the Small Business Relief Fund. As part of its campaign, the Canadian Chamber of Commerce, through the generosity of Salesforce, will provide 62 Canadian small businesses from coast to coast with $10,000 grants, for a total of $620,000.
Businesses that are awarded the grant can use it to support their recovery efforts, including paying salaries, acquiring safety and personal protective equipment, replenishing materials or paying for the measures required to adapt business models to the economic impacts of the COVID-19 pandemic.
Eligible small businesses have between 2 and 50 employees, have been in business for two years, have revenues between $150,000 and $500,000 annually, and have been negatively affected by the COVID-19 pandemic. Applications will be accepted from June 1 to June 12 go to ww.canadianbusinessresiliencenetwork.ca for more information.
Community Futures has also begun to offer tailored small business loans as part of the Government of Canada’s Regional Relief and Recovery Fund. These are for rural businesses that do not qualify for the other federal business support programs.
“As the weeks progress, rural small and medium businesses are in need of increasing support,” said Phyllis Maki, Executive Director of the Community Futures Network of Alberta. “Our program advocates for these entrepreneurs and businesses and is designed to be flexible to support Albertans and communities through difficult times.”
Small and medium-sized businesses can apply for loans of up to $40,000 with terms that include:
· No interest accrual or principal payments through December 31, 2020
· If 75% of the loan is repaid by December 31, 2022, the remainder of the loan is forgiven.
· Blended principal and interest payments beginning January 1, 2023, and loans must be repaid by December 31, 2025.
· No prepayment penalties
Applications must be completed through an online portal at www.cf
bigcountry.ca
