COVID- 19 Business Resources

 

Federal Government 

 

The Canada Emergency Business Account (CEBA): This $25 billion program provides interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus.  Click here to learn more

Business Credit Availability Program (BCAP): Through the Business Credit Availability Program, Export Development Canada (EDC) is working with financial institutions to guarantee 80% of new operating credit and cash flow term loans of up to $6.25 million to small and medium-sized enterprises (SMEs). This financing support is to be used for operational expenses and is available to both exporting and non-exporting companies. Click here to learn more.

For all available Federal supports for business please see the Government of Canada’s website here

 

BC Provincial Government

The COVID-19 pandemic has created immediate impacts for businesses and individuals across British Columbia. The Government of British Columbia’s COVID-19 Action Plan is the province’s first step in providing relief to individuals and businesses throughout our communities. 

CERCA (commercial rental relief) Benefit: Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides much needed relief for small businesses experiencing financial hardship due to COVID-19. It offers forgivable loans to eligible commercial property owners so that they can reduce the rent owed by their impacted small business tenants by at least 75% for the months of April, May and June, 2020. For more information click here.

Further Provincial Resources for Businesses

Click here for all program details on the Government of British Columbia website

 

Local Resources

Community Futures East Kootenay:

Community Futures East Kootenay is providing a 3-month Payment Relief Program for all of our current clients. Community Futures East Kootenay is also offering a special repayable term loan product. This emergency credit facility is aimed at helping entrepreneurs and small businesses remain operational and/or cope with lost business during this exceptional time. Existing businesses in our service area are eligible to apply for an emergency loan of up to $20,000 with limited security requirements, pragmatic terms and conditions, and a rapid response time. We are also continuing to offer all of our regular term loan options. To learn more please visit  Community Futures East Kootenay’s web-site here.

 Columbia Basin Trust

To help small business in the Basin, the Trust will:

  • provide low interest loans for working capital and equipment to help food producers expand operations
  • provide low interest working capital loans to help businesses meet immediate needs or plan for future recovery
  • provide flexibility and customized support through our Wage Subsidies, including a new Basin Food Producer Wage Subsidy for primary food producers that are increasing production due to the pandemic, to help them hire workers throughout the growing and harvesting season.
  • increase the resources available through the Basin Business Advisors program and the Basin RevUp program
  • increase supports for businesses currently participating in the Basin RevUp program
  • increase support to unemployed and underemployed individuals through the Training Fee Support program
  • providing a loan payment holiday to investment and economic development clients and being open to discussing other changes to existing arrangements
  • increase the support available through the Impact Investment Fund

For the full listing of supports available through the Columbia basin Trust please visit the Columbia Basin Trust’s web-site here.