Member Update, June 19, 2020, 4:00PM
Province Offering Indigenous-Owned Businesses Loans
The government of Ontario is providing up to $10 million to Indigenous-owned small and medium sized businesses to help them with much needed capital as the province begins to safely and gradually reopen the economy.
Loans of up to $50,000 will be available to businesses that are either ineligible for, or unable to access, existing federal and provincial COVID-19 response initiatives for small businesses. The funding is being delivered through the Support for People and Jobs Fund.
Loans will be available through Aboriginal Financial Institutions. Up to 50% of each loan will be in the form of a non-repayable grant, with no interest due on the loan portion until December 31, 2022.
Businesses may use these funds to cover general expenses such as payroll, rent, utilities and taxes. They may also be used towards increasing production capacity, developing new products, moving to online marketing, or to make improvements to accommodate social distancing requirements, such as the installation of plexiglass barriers.
If you have questions about commercial tenancies or applying for Ontario’s People and Jobs Fund, don’t hesitate to reach out at email@example.com.