Community Futures Stuart Nechako has COVID-19 Support Loans available for rural businesses in Vanderhoof.
Rural businesses in the province who have been impacted by the pandemic, have had the opportunity to access financial relief and recovery support through Community Futures.
“Our offices throughout B.C., including Community Futures Stuart Nechako in Vanderhoof, have been offering tailored small business loans as part of the Government of Canada’s Regional Relief and Recovery Fund (RRRF),” stated the release.
“These partially forgivable loans of up to $40,000 have helped to ensure that rural businesses which may not qualify for other federal business support programs receive support to meet the regular business expenses during this crisis,” as per the press release.
The $40,000 RRRF loan for Rural small and medium-sized businesses has terms that include: No interest accrual or principal payments through Dec. 31, 2022
If 75 percent of the loan is repaid by Dec. 31, 2022, the remainder of the loan, of up-to $10,000 is forgivable.
Blended principal and interest payments beginning Jan. 1, 2023, and loans must be repaid by Dec. 31, 2025
There are no pre-payment penalties.
“Since RRRF was rolled out, it has been successful to the point where it became oversubscribed. It is on this basis that Community Futures Stuart Nechako is pleased to announce that the Government of Canada has announced that additional RRRF monies are soon to become available,” as per the news release.
To apply for the Community Futures RRRF loans, visit www.communityfutures.ca or contact Community Futures Stuart Nechako office in Vanderhoof at (250) 567-5219.