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Nottawasaga Futures offering flexible micro loans to small businesses

April 3, 2020   ·   0 Comments

By Sam Odrowski
Local Journalism Initiative Reporter

COVID-19 isn’t just hurting Ontario’s workers, it’s crushing non-essential small businesses as well who haven’t received any pay since being shut down a few weeks ago.

To help South Simcoe companies during this time, Nottawasaga Futures is increasing the flexibility of its $1,000-$10,000 micro loan program, making it more accessible to those in need.

The program is for businesses who cannot access additional funding through the Business Development Bank of Canada or their traditional bank and require immediate funding to cover overhead costs for the next three months, through the pandemic.

“It gives them a cash injection to cover expenses because we’re not sure how long they’re going to be closed with the situation being so fluid and changing everyday,” said Martin Kuzma, Nottawasaga Futures CEO.

“We wanted to get cash into the hands of business owners so they can avoid long term layoffs or pay their rent, mortgages, their bills.”

Along with the rest of the country, the business community has been suffering financially since COVID-19 cases started to rapidly increase in Canada.

“It’s very challenging, the businesses, they’re not sure when they’re going to be able to open, when they’re going to have customers through the door,” Kuzma noted.

“If there was an end date on this it would be a lot easier to manage.”

Businesses are also unsure of what their operations will look like when things start back up, Kuzma explained.

“A lot of people are unemployed at this time, so there’s too many different variables to account for,” he remarked.

Kuzma said a “squeeze” to the supply chain is also having an impact locally, as businesses grapple with a shortage of goods and late deliveries.

Apart from the loan program, Nottawasaga offers consulting services for businesses in South Simcoe. They can get advice from consultants on how to manage their finances, plan out a business, or improve upon what they already have in place.

As well, Nottawasaga Futures has been providing guidance to the businesses they serve, directing them towards appropriate funding streams to help cover the cost of their operations during this time.

“We’ll direct clients to the programs that they might qualify for and then just offer advice and support, in addition to financial relief if possible,” Kuzmo noted.



         


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