Emergency Business Sustainability Fund
Wellington County will be providing $1 million dollars in low interest loans to help local County businesses get through the financial challenges brought on by the COVID-19 pandemic.
We are pleased to announce that at a Special County Council today, County Council entered into a partnership with our local Community Futures Development Corporations (CFDC) to deliver our new Keep Well – Emergency Business Sustainability Fund.
The Keep Well – Emergency Business Sustainability Fund will provide low-interest loans to Wellington County businesses to help support them during the economically challenging period brought on by the COVID-19 pandemic.
“Local businesses are the pillar of our community,” said Warden Kelly Linton. “Businesses need financial resources now. Through this partnership between the County and the CFDCs we are able to help keep businesses going during this very challenging time.”
The Wellington-Waterloo Community Futures (WWCF) and the Saugeen Economic Development Corporation (SEDC) are not-for-profit organizations supported by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). Offering support, financing and training for businesses in Wellington County.
“Our local businesses are facing unprecedented challenges as the COVID-19 pandemic continues to spread,” commented George Bridge, County Economic Development Chair. “The Keep Well – Emergency Business Sustainability Fund will be able to provide immediate support to our businesses community.”
“We understand that businesses are struggling right now,” said Chris White, County Administration, Finance and Human Resources Committee Chair. “These loans will provide some immediate relief in the face of these uncertain economic circumstances.”
- Maximum loan size is $25,000 for working capital
- Generally, loans will be approved based on 2 months working capital requirements
- 3% annual interest
- No principal or interest payments for the first six months of the loan, flexible repayment terms and no prepayment penalties
- Personal Guarantee as security
- Applicant submits a completed:
- Keep Well – Emergency Business Sustainability Fund Application
- Most current financial statements (in house is fine)
- Documentation is reviewed by WWCF or SEDC staff for completeness
- Applications are reviewed by WWCF/SEDC Board for approvals
- When applications are approved by WWCF/SEDC Board, loan documents are prepared and sent to loan applicant for signature
- Funds are normally made available within three days after the signed Letter of Offer is returned to the WWCF/SEDC staff.
- Applicants are responsible for any legal costs to complete the loan. These funds can be paid from the proceeds of the funds to be borrowed.
To learn more about this initiative, and apply for funds, please contact:
Wellington-Waterloo Community Futures if your businesses is located in Centre Wellington, Town of Erin, Guelph-Eramosa, Mapleton or Puslinch. Contact: Rick Whittaker, General Manager, email@example.com or visit www.wwcf.ca
Saugeen Economic Development Corporation if your business is located in the Town of Minto or Wellington North. Contact: Rose Austin, General Manager, 519.799.5750 x 1 or firstname.lastname@example.org or visit www.sbdc.ca