On May 12, Bruce County Council endorsed a $1.75 million investment in grants and loans to support local businesses over the next two years. The Bruce County Emergency Business Sustainability Loan – a component of that Support the Bruce: Business Sustainability Fund – is accepting applications beginning today.
Bruce County businesses struggling during the pandemic can apply for 2.5% low-interest loans to support cash flow and working capital. Up to $20,000 is available per business on a first come, first serve basis until the entire $750,000 has been loaned.
Kara Van Myall, Bruce County’s Director of Planning & Development / Recovery Coordinator comments: “This loan offers our local businesses access to low-interest financial help, addressing the very real financial impact being faced due to COVID-19. Bruce County Council, in collaboration with the Economic Task Force, have advanced this financing option to help Bruce County businesses keep their doors open.”
The loans will be administered by the Bruce Community Futures Development Corporation (BCFDC) and the Saugeen Economic Development Corporation (SEDC). Barb Fisher, General Manager of the BDFDC adds: “The loan is repayable over 5 years, with no penalties for early payoff, and no principal or interest payments for six months. This is a fabulous option for local businesses.”
For more information about Bruce County Emergency Business Sustainability Loan and the Economic Task Force, visit www.brucecounty.on.ca/economictaskforce. Businesses can apply directly to BCFDC at www.bruce.on.ca or SEDC at www.sbdc.ca.