Struggling due to the COVID-19 pandemic? The ARA has gathered the following resources to help you get the financial support you need to get through these difficult times.
Small and Medium-Sized Business Recovery Grant
Grants of $10,000 to $30,000 are available to small and medium sized B.C. businesses impacted by COVID-19. An additional $5,000 to $15,000 grant is available to eligible tourism-related businesses. The program runs until March 31, 2021 or until the funds are fully allocated, whichever comes first. Go here to learn more: https://www2.gov.bc.ca/gov/content/economic-recovery/business-recovery-grant
Canada Emergency Business Account (CEBA)
This $55 billion program provides interest-free loans of up to $60,000 to small businesses and not-for-profits. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 33 percent (up to $20,000). Click here to learn more: https://ceba-cuec.ca/
EDC Business Credit Availability Program (BCAP)
Export Development Canada (EDC) has partnered with financial institutions to help businesses of all sizes, sectors, and regions address the financial impacts of COVID-19. Qualified applicants can quickly improve their cash flow through their bank or credit union to help manage day-to-day expenses like buying inventory and paying your suppliers, or for new costs, your business bears due to COVID-19. Click here to learn more: https://www.edc.ca/en/solutions/working-capital/bcap-guarantee.html