Baffin Business Development Corp promotes emergency loan program to help Indigenous businesses – Nunavut News

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Baffin Business Development Corp promotes emergency loan program to help Indigenous businesses – Nunavut News

by ahnationtalk on August 5, 202037 Views

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.

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.

Read More: https://nunavutnews.com/nunavut-news/baffin-business-development-corp-promotes-emergency-loan-program-to-help-indigenous-businesses/

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