Thunder Bay Ventures is offering a new COVID-19 related loan for small businesses.
Executive Director Martin Wyant says he 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.
Thunder Bay Ventures is 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. 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.
