Resources for Smiths Falls Businesses – March 18th

The federal government announced additional support measures for businesses and self-employed individuals earlier today. Please see below for additional details and a summary of some other available resources. In addition, if you are in the tourism business, the Tourism Industry Association of Ontario wants to hear from you. They have launched a survey in an attempt to measure the economic impact of current disruptions. The survey is open until March 23: https://www.surveymonkey.com/r/HXXC9Y6

Resources for Smiths Falls Businesses – 18.03.2020

Government Announcements

There have been adjustments made to Employment Insurance to assist your staff during illness or quarantine.https://www.canada.ca/en/employment-social-development/corporate/notices/coronavirus.html

For those who are self employed – announcements made today about a new emergency support benefit for self employed people, and salary help for keeping staff on payroll.

Export Development Canada will provide extra support. https://www.edc.ca/en/campaign/coronavirus-covid-19.html

Canada’s 6 big banks are offering deferred mortgage payments and various credit product support. Call your local branch for details.

The Canadian Chamber of Commerce: “COVID-19 Pandemic Preparedness for Business”

Further assistance and programs – loans, continuity planning, exporting information and more;

Valley Heartland

Existing Valley Heartland clients – The following options are being offered for existing Community Futures Development Corporation (CFDC) loan clients in good standing: For the time period DATE MARCH 16TH – APRIL 30TH * (2 payments). Client to contact the office and request one of the following options:

Suspended payments
Interest only payments
Reduction of payment to meet the client cash flow requirements

* Currently Valley Heartland has $4.6 million at work in the Community

Any existing business in Lanark County and North Leeds – SMALL BUSINESS LOAN *** EFFECTIVE UNTIL APRIL 30TH*

No payments for initial 2 months
Interest rates of 3.45% (prime)
Application and admin fees waived
Decision in 48 hours for existing clients – up to 96 hours for new clients

Business can access small business loans of up to $15,000 at prime (currently 3.45%) to be used for working capital or other expenses incurred or expected to be incurred due to COVID-19 and its economic impact on the business:

$15,000 at 3.45% over 4 years = payment $335.01
$10,000 at 3.45% over 3 years = payment $292.80
$5,000 at 3.45% over 2 years = payment $215.90

Phone: 613-283-7002 Tina Stevens, GM ext. 103, Sharon Ruth, Loans Officer ext. 106, Amber Coville, Business Development Officer ext. 110 – Email: loans@valleycfdc.com and copy info@valleycfdc.com