The Community Futures Lethbridge logo on an LNN background (Logo: Community Futures Lethbridge on Facebook)

By Justin Goulet

Community Futures offers additional support for small and rural businesses

Dec 8, 2020 | 10:33 AM

LETHBRIDGE, AB – Community Futures is lending a helping hand to small and rural businesses.

Those impacted by COVID-19 can now access financial relief and recovery support, as cases continue to rise across the region and the province.

Community Futures Lethbridge will begin offering tailored small business loans as part of the Government of Canada’s Regional Relief and Recovery Fund.

The partially forgivable loans will help ensure that rural businesses that don’t qualify for other federal support programs receive the help they may need.

“As the impact of COVID-19 continues to mount, more and more local businesses are falling through the cracks,” said Community Futures’ executive director Darlene Sinclair.

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“These urgent calls for support have reached across the province and our Western network, and we are pleased that the voices of local businesses have been heard.”

The funding is part of an announced $95.7 million for the Community Futures Pan West Network, for rural and remote businesses in Western Canada that do not qualify for other federal supports like the Canada Emergency Business Account (CEBA). Small and medium-sized businesses can apply for loans of up to $40,000 with terms that include:

• No interest accrual or principal payments through December 31, 2022.
• If 75 percent of the loan is repaid by December 31, 2022, the remainder of the loan is forgiven.
• Blended principal & interest payments beginning January 1, 2023, loans must be repaid by December 31, 2025.
• No prepayment penalties.

More details can be found here.

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