Indigenous small business owners in the Qikiqtaaluk region negatively impacted by Covid-19 may be eligible for aid through the Baffin Business Development Corporation’s Emergency Loan Program.
image courtesy of BBDC
The maximum assistance is $40,000, of which 75 per cent is a loan and 25 per cent is a non-repayable contribution. This money could be put toward expenses such as payroll, rent, utilities, insurance, property taxes, regularly scheduled debt service and health and safety improvements in the workplace.
The funds cannot be used to increase management compensation, pay dividends or for prepayment or refinancing of existing debt.
The aid is also not intended to duplicate or replacement existing emergency financing from banks or other lenders.
The Emergency Loan Program falls under the Indigenous Business Stabilization Program. It’s made possible with support from the Government of Canada.
For further information, contact Valerie Kosmenko at val.kosmenko@baffinbdc.ca or call 867-979-1303 or 1-800-263-2232.