Resources for Smiths Falls Businesses

Valley Heartland

Immediate support is being provided to A) Existing Valley Heartland clients and B) Any existing business in Lanark County and North Leeds

A) Existing Valley Heartland clients

The following options are being offered for existing 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

B) 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

“There have been adjustments made to Employment Insurance to assist your staff during illness or quarantine. The one-week waiting period is also being waived. For more information check out this link: https://www.canada.ca/en/employment-social-development/corporate/notices/coronavirus.html

“In addition to the work of the health care industry when a pandemic hit, businesses play a critical role in protecting the health and safety of employees and limiting the negative impact on the economy and communities. They also need to have business continuity plans that will minimize the impact on the business itself and facilitate a speedy resumption of activities if the business has been forced to scale back or close during the pandemic. Preparedness, not panic, is the best way to mitigate the risks posed by a COVID-19 pandemic to the Canadian economy and our citizens” – The Canadian Chamber of Commerce: “COVID-19 Pandemic Preparedness for Business”

Finally, there is new information being shared hourly, and these links might be good ones to watch as things unfold.