Amount:

$20,000

Type of Program:

Loan


Description:

In response to the negative impact COVID-19 is having on local businesses, South Lake Futures has established the COVID-19 Response Fund to offer loans below prime rate to support businesses impacted by the pandemic.

Comments on Funding:

Funding will take the form of loans of between $5,000 and $20,000.

Loan terms and conditions:

  1. 1
    interest rate: Prime Rate + 2%;
  2. 2
    amortization period 5 years;
  3. 3
    repayment: 6 months payment deferral;
  4. 4
    default provision/security: Personal Guarantee and a General Security Agreement;
  5. 5
    administrative fee: waived.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicant must:

  • be small local businesses in the Town of East Gwillimbury, the Town of Georgina and the Township of Brock and have a direct impact on the local economy;
  • demonstrate they are able to continue long-term.
  • have been in operation at minimum since March 1, 2020;
  • have been solvent, viable and must have not declared bankruptcy prior to the COVID-19 crisis;
  • have been unable to receive conventional financing.

Applications Steps:

1

complete and sign the Financing Application and Attestations;

2

consult the Supporting Documentation Checklist at the back of the form for a list of required supporting documentation;

3

email completed application and supporting documentation or application related questions to: nlacy@southlakefutures.ca .

Documentation Needed:

Applicant must provide the following documentation to accompany this application:

  1. 1
    Master Business License or Incorporation documents;
  2. 2
    last CRA Source Deductions and HST Statement;
  3. 3
    Corporate Tax CRA form T2, or Personal Income Tax Forms and Notice of Assessment for last year filed;
  4. 4
    2018 and 2019 Income Statement and Balance Sheet for year end, any in-house 2020 year to date statements;
  5. 5
    Personal Identification for Owner, preferably a Driver’s License and Canadian Passport;
  6. 6
    Lease Agreement, when applicable.

Other attachments are permitted as supporting information, but not as replacements for responses to the questions on the application form.

Other Things to Note:

For more information on this fund, applicants should contact Brian McGregor at bmcgregor@southlakefutures.ca

COVID Related Measures:

In response to the negative impact COVID-19 is having on local businesses, South Lake Futures has established the COVID-19 Response Fund to offer loans below prime rate to support businesses impacted by the pandemic.

About the author 

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business.
Click here to learn more about Moe's background and how he can help your business.

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