THUNDER BAY – BUSINESS – Minister Melanie Joly provides an update on a new Fednor program designed to help small businesses which until now were not qualified for previous programs under the Government of Canada’s supports for business.
The Minister tells NetNewsLedger that the Fednor funds, over $1.8 million are available to businesses that under previous support programs may not have been eligible.
Entrepreneurs will have the opportunity to apply for up to loans of up to $40,000.
The new loans are offered in Thunder Bay via Thunder Bay Ventures are 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 the 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
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 email@example.com.