COVID- 19 Business Resources
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
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.
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