THUNDER BAY – Thunder Bay Ventures confirmed today that they have received $1,849,854 in funding to support Thunder Bay area entrepreneurs who are not eligible for other recently-announced federal government relief programs for businesses affected by Covid-19.
“The overwhelming majority of businesses in our community are micro-enterprises and we have heard that some of them have not been eligible for other Covid-19 business support programs, so we know that this announcement will be welcomed by many”.
Entrepreneurs will have the opportunity to apply for up to loans of up to $40,000. The new loans are offered in partnership with FedNor, through the Regional Relief and Recovery Fund. Key features of the loans include:
- 0% interest and no payments required until January 2023
- If 75% of the loan balance is paid before December 31, 2022, the remaining 25% of the loan may be forgiven
- Any loan balances not paid before December 31, 2022, will be converted to a term loan, offered at prime rate
- The full balance of loans need to be paid before December 31, 2025
To be eligible, applicants must:
- confirm that they are ineligible or have been rejected for other federal government Covid-19 business support programs
- demonstrate that they were established and viable before March 1, 2020
- indicate how their business has been adversely affected by Covid-19
According to Martin Wyant, Executive Director of Thunder Bay Ventures, the first round of emergency loans provided by Thunder Bay ventures was well-received by local entrepreneurs, particularly smaller, “main street” businesses and sole proprietors.
According to Wyant, loans will be processed quickly and Thunder Bay Ventures will be seeking less information and security than normal. “We want to make the process as simple and quick as possible. We will be asking applicants to describe the challenges they are facing as a result of Covid-19 and how the funds will be used”, said Wyant.
Online application forms are available at www.thunderbayventures.com. In the meantime, applicants with questions about the new funding are encouraged to contact Joe Talarico, our Business Support Coordinator at 807 768 6650 or by e-mail at firstname.lastname@example.org.