Venture Niagara e-Newsletter

Venture Niagara & the impact of COVID-19 on your business

Venture Niagara encourages our clients to stay in touch so that we may navigate through the impact of COVID-19 together. Shortly after the initial hit of the coronavirus, we received calls from many clients and contacted others to determine how their business was faring. We discussed what we might be able to do to lessen the blow. Replies ranged from “I might need some money soon,” to “Can we defer payments?” to “We’re okay for now.”  Venture Niagara was able to get funds to those who needed money in the short term and since then we have developed our new COVID-19 Business Loan (see below). To those who asked for help with deferred payments, we did so on a month-to-month basis. The month-to-month aspect was important to us so that we can stay in touch should you need additional deferrals or funds. Call 905.680.8085 if you need a payment deferral or an extension on current arrangements.

Payment Deferral Requests

Please remember that we need approximately two weeks advance notice to accommodate a payment request because the Pre-Authorized Debits are an automated process.

Venture Niagara COVID-19 Business Loan

  • Loans from $2,500 to $15,000
  • 3-year amortization
  • Fixed interest rate of 2.45% for the first year with interest only payments in year one
  • Fixed interest rate of 3.45% for the balance of the loan
  • Principal and interest payments start in year two and continue to the end of the loan
  • The loan is repayable any time in part or in full without penalty

Further details and application documents can be found on www.ventureniagara.com

Federal & Provincial Government Programs to Assist Business

The Government of Canada and Province of Ontario are continuously developing and refining programs to mitigate the impact of COVID-19 on the lives of Canadian/Ontario residents. Please use these links to access information about the available programs.

Canada’s COVID 19 Economic Response Plan

https://www.canada.ca/en/department-finance/economic-response-plan.html

Province of Ontario Programs for Business

https://www.ontario.ca/page/covid-19-support-businesses

 

Venture Niagara Community Futures Development Corporation 20 Pine Street N., Thorold ON L2V0A1 Tel. 905.680.8085   www.ventureniagara.com