Thunder Bay Ventures offering support through Regional Relief & Recovery Fund

Share this:
June 5, 2020

Thunder Bay Ventures confirmed today that they have received $1,849,854 in funding to support Thunder Bay area entrepreneurs who are not eligible for other recently-announced federal government relief programs for businesses affected by Covid-19.

Entrepreneurs will have the opportunity to apply for up to loans of up to $40,000. The new loans are offered in partnership with FedNor, through the Regional Relief and Recovery Fund. Key features of the loans include: 

  • 0% interest and no payments required until January 2023
  • If 75% of the loan balance is paid before December 31, 2022, the remaining 25% of the loan may be forgiven
  • Any loan balances not paid before December 31, 2022 will be converted to a term loan, offered at prime rate
  • The full balance of loans need to be paid before December 31, 2025

 

To be eligible, applicants must:

  • confirm that they are ineligible or have been rejected for other federal government Covid-19 business support programs
  • demonstrate that they were established and viable before March 1, 2020
  • indicate how their business has been adversely affected by Covid-19

Online application forms are available at www.thunderbayventures.com

Share this: