Emergency Loan Program to give businesses a helping hand

Businesses negatively impacted by the coronavirus can receive up to 20-thousand dollars thanks to an Emergency Loan Program set up by the Community Futures of Fraser-Fort George.

The program offers support to entrepreneurs who have been unable to operate or have remained open at a reduced level for more than five days due to the crisis.

Community Futures General Manager, Susan Stearns recently spoke with MyPGNow.com.

“During this time, businesses are being faced with closure or lessened hours because of the COVID-19 epidemic that is going around and we certainly know that this impacts their revenue streams and ability to operate.”

“We certainly realize that some businesses have a stronger cash flow than others and for us, it’s about how do we help sustain small businesses in our community.”

Financing is provided in the form of a repayable loan with relaxed terms and interest rates as follows: 

Loan Amount: Maximum up to $20,000 per business based on Business Analyst assessed needs. 

• Streamlined Application and Approval Process – increasing approval and turnaround time on the loans. 
• The application will consist of: 

o Completed Application Form – Specific to this loan program o 3 years of financial statements showing at least one year of profitability with 

most recent Corporate T2 or Personal tax filing o Credit Check on the owner(s) and business o Limited security requirements – Personal Guarantees / Co-Borrower and 

General Security Agreement 

• Waiver of application fee 
• Maximum Amortization/Term will be for 60 months 
• A pre-approved interest rate of the Bank of Canada Prime + 2% (currently 2.95%) and will be the fixed interest rate for the term of the loan 
• No payments for up to first 6 months 
• Once the first 6 months have passed, the client can choose to pay interest only for the following 12 months 
• Offer 2 months of skip payments per year 
• Should greater financial needs be identified, the loan can convert to the usual loan process 
• No penalties for early payout. 

Eligible Applicants 

Any business that: 

• Has not been able to operate or has operated at a reduced level for more than 5 days due to the emergency situation. 
• Businesses must be able to demonstrate a loss or reasonable expectation of reduction of business due to the emergency situation. 

**Businesses include: 

• for-profit: including sole proprietorships, partnerships, incorporated companies, and ranches/farms 
• not-for-profit entities: including co-operatives, social enterprises, charitable 

Ineligible Applicants 

• Any level of Government, including Federal, Provincial, Municipalities, Regional Districts, and First Nations 

A link to an Emergency Loan Application can be found here.