THUNDER BAY – BUSINESS – Today, Thunder Bay Ventures announced that it will be offering emergency loans of up to $20,000 for local small businesses to help them deal with unforeseen circumstances caused by the pandemic. The new loans will be offered interest-free, with no payments required, until October 2020.
Thunder Bay Ventures, the Community Futures Development Corporation for the Thunder Bay area, supported by FedNor, provides services to help strengthen and diversify our economy, including:
– loans and equity investments to help entrepreneurs;
– business advisory services;
– community economic development projects;
– support for community economic planning.
Like many others, Martin Wyant, Executive Director, is concerned about the impact COVID-19 is having on smaller businesses in the Thunder Bay area. “The overwhelming majority of businesses in our community are micro-businesses, with annual revenues of less than $500,000 and less than 9 employees. Many of these businesses have either shut down or severely curtailed their operations. These businesses improve our quality of life and make significant contributions to our community. We all need to do what we can to support them”, said Wyant.
Loan terms will be offered for up to two years and Thunder Bay Ventures will be charging interest at the prime rate, beginning in October. The loan application may be found at www.thunderbayventures.com.
According to Wyant, loans will be processed quickly and Thunder Bay Ventures will be seeking less information and security than normal. “We want to make the process as simple and quick as possible. We will be asking applicants to describe the challenges they are facing as a result of COVID-19 and how the funds will be used”, said Wyant.
For further information, contact Martin Wyant at 807 768 6652. martinwyant@thunderbayventures.com.
