Support for Business from Northumberland CFDC
Like you, we are deeply respectful of the need for physical distancing in helping to arrest the impacts of COVID19 on our nation and global communities. Thus, the team at Northumberland CFDC is now working remotely but remains available via email, phone and social media.
With multiple projects, programs and contracts underway with clients across Eastern Ontario, we are responding as quickly as possible to queries associated. We are also in active and continuing consultation with our many partners, elected officials and Federal colleagues in pursuing and securing flexible, creative approaches to support businesses as we navigate this challenging and uncertain time.
Today, the Northumberland CFDC Board of Directors has committed an immediate $500,000 Resiliency Response package intended to help financially stabilize existing and future loan clients. This current package is specific to our Community Futures Program and is available until funds are fully committed. It is twofold:
1. Immediate Postponement of loan payments for 3 months
For the period commencing April 1 to June 30, 2020, monthly loan payments for all existing clients will be postponed until July 1, 2020. Normal monthly payments are expected to resume in July according to the existing amortization schedule, effectively extending the amortization by 3 months. No application is necessary. We will continue assessing the economic impact of COVID-19 and may find it necessary to make further amendments as needed.
Postponement of loan payments for 3 months across Northumberland CFDC’s total portfolio of over 60 businesses keeps funds circulating in the local economy at this critical juncture.
2. Resilience Loans
Northumberland CFDC is now offering a special Resilience Loan at Prime Rate for loan requests of $5,000 to $10,000, with maximum amortization of 24 months. The Resilience Loan is designed to assist with working capital and cash flow management against verified expenses due to impacts of the COVID-19 pandemic response. Applications fees have been waived.
Existing clients may apply via the expedited request form located on the Resilience Loan page (click here). New clients are encouraged to apply via the Community Futures Program application process (click here) and simply indicate their interest in the Resilience Loan offering.
If approved, applicants could receive funding in as soon as 7 business days following receipt of a complete application. Additional terms and conditions apply.
As stated, we are also focused on working collaboratively with many partners in securing and mobilizing additional resources to address the COVID-19 situation. Please watch for future updates online.
In the interim, we encourage all to continue to monitor the Government of Canada’s Newsroom and the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) COVID 19 page for up-to-date information.
Additional Federal COVID-19 business resources include:
- The Government of Canada’s Economic Response Plan
- Innovation, Science and Economic Development (ISED) Resources for Canadian Businesses
- National Research Council COVID-19 Response and Challenge Program
- Business Development Bank of Canada COVID-19 Response
- Public Health Agency of Canada COVID-19 page
Please do not hesitate to contact us if you have any other ideas, feedback or suggestions. On behalf of the Board of Directors and staff of Northumberland CFDC, we hope that you stay positive, stay well, and stay connected.