Community Futures Revelstoke said it will offer emergency loans to help local businesses through the COVID-19 crisis.
“We are getting numerous requests from businesses for either emergency loans or suspension of payments. We are putting all projects on hold for the time being to focus on our support of the business community and the community’s response to the COVID-19 crisis,” said Kevin Dorrius, Community Futures general manager.
READ MORE: Economic implications of COVID-19 already hitting Revelstoke
The organization said in a news release that they are temporarily suspending payments on all existing loan clients upon request. They may also extend limits on emergency loans to $25,000 for existing clients.
Community Futures continued that loans may be available for any local business that must close down or scale back operations as long as their financial statements demonstrate that they were profitable prior to the current crisis. Emergency loans will be offered to businesses to fund one month of operating overhead. The loans will be at the RBC prime minus one per cent, making the loan rate up to four per cent lower than current rate.
The rates will be in effect until the business re-opens and/or the province ends the state of emergency.
Repayment of emergency loans can be negotiated on a loan by loan basis.
Dorrius said the emergency loans are aimed to fund one month of operating overhead. He continued this is to make sure the organization rations their loan capital so they can support as many businesses as possible.
“We will as a community get through this. We need to stay positive and working together,” he said.
On March 20, Mayor Gary Sulz urged all non-essential businesses to close in Revelstoke to help slow the spread of COVID-19.
READ MORE: Revelstoke mayor urges non-essential businesses to shut; city closes public parks
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