Tuesday, March 24, 2020

Govt to begin $20M small business loan program tomorrow

SBDC Executive Director Davinia Grant

By Chester Robards

The Access Accelerator/Small Business Development Centre (SBDC) will soon begin distributing the $20 million allocated to it for small businesses impacted economically by the country’s shutdown because of coronavirus (COVID-19), according to a press statement from the SBDC.

The Business Continuity Loan Program officially launches on Wednesday.

The program will require those eligible to agree to retain 51 percent of their staff and have their credit information shared with the credit bureau and other banking and financial institutions.

“It will provide loans to small businesses – facilitated through partnerships with financial institutions – ranging from $5,000 to $300,000 to cover operating costs,” the statement noted.  Read more >>