Bruce County introduces low interest loans for businesses impacted by COVID-19
Bruce County Council is offering local businesses low-interest loans to help with the impact of COVID-19.
On May 12, Bruce County Council approved a $1.75 million investment made up of grants and loans over the next two years to help out local businesses affected by the coronavirus pandemic. The Bruce County Emergency Business Sustainability Loan, which is part of the Support the Bruce Business Sustainability Fund, is now accepting applications.
Businesses within Bruce County that are struggling because of COVID-19 can apply online for a 2.5 percent interest loan to assist with cash flow and working capital. Businesses can apply for up to $20,000 on a first-come, first-served basis until all of the $750,000 that has been earmarked has been given out.
“This loan offers our local businesses access to low-interest financial help, addressing the very real financial impact being faced due to COVID-19. Bruce County Council, in collaboration with the Economic Task Force, have advanced this financing option to help Bruce County businesses keep their doors open,” said Kara Van Myall, Bruce County’s Director of Planning and Development/Recovery Coordinator.
The loans will be administered by the Bruce Community Futures Development Corporation (BCFDC) and the Saugeen Economic Development Corporation (SEDC).
Barb Fisher, General Manager of the BDFDC, said the loan is repayable.
“The loan is repayable over 5 years, with no penalties for early payoff, and no principal or interest payments for six months. This is a fabulous option for local businesses,” said Fisher.
For more information about Bruce County Emergency Business Sustainability Loan and the Economic Task Force, visit brucecounty.on.ca/economictaskforce. Businesses can apply directly to BCFDC at bruce.on.ca or SEDC at sbdc.ca.