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Fed loan program for hard-hit sectors launched

1/27/2021

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There was some good news yesterday for businesses that have been the hardest hit by the pandemic as the federal government launched the Highly Affected Sectors Credit Availability Program. Up to $1 million in low-interest, government guaranteed loans are now available for businesses. Businesses with multiple locations can receive up to $6.2 million.

"We've been calling for help for the tourism and transportation sectors, which have been devastated," Chamber CEO Bruce Williams says. "This program is a lifeline, but we have concerns about adding more debt to businesses that have lost their revenue sources. Instead of loans, these businesses need relief to stay afloat until restrictions are lifted and they can start to make a living again."

To qualify, businesses need to show year-over-year revenue decline of at least 50% in three months, within the eight months prior to their application. The Business Development Bank of Canada will work with participating Canadian financial institutions to provide the loans.
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  • Membership
    • Why Join?
    • Job Board
    • Member to Member Offers
    • Benefits, Discounts & Savings >
      • Chamber Store
    • Chamber Local
    • 1863 Impact Award
    • Questions & Answers
    • Join Now
    • Member Login
  • Member Directory
  • Events
    • Signature Events >
      • Annual Auction
      • Business Awards
      • Business Hall of Fame
      • Business Leaders Series
    • Event Calendar >
      • Chamber Events
      • Community Events
    • Event Photos 2023
    • Sponsorship
  • News & Advocacy
    • Weekly BizNews >
      • BizNews-articles
    • Advocacy / Wins for Business >
      • Advocacy Wins
      • Business Property Taxes
      • Advocacy Priorities
    • Chamber Chats
    • In the News >
      • Published Op-Eds
      • Media Releases
    • Non-market housing
    • Find and keep workers
    • Business Matters Magazine
    • COVID-19
  • 1863 Home
  • About Us
    • Emerge >
      • Emerge Events
      • Emerge Mentorship
      • Emerge Connect
    • Staff Directory
    • Board & Governance >
      • Governors
      • By-Laws, Plans & Reports
      • Committees
    • Chamber History
    • Partners & Sponsors
    • About Victoria >
      • Starting a Business
      • Moving Here
      • Visiting Victoria, BC
    • Contact Us