EMERGENCY SUPPORT LOAN
The Sarnia-Lambton Business Development Corporation (“SLBDC”) is pleased to advise that, in light of the current uncertainty in the economic climate, it will assist in facilitating the sustainability of Lambton County based businesses through the crisis by providing Emergency Support Loans.
SLBDC recognizes that there have been several programs announced by government to support businesses previously, and we would encourage business owners and managers to actively explore these options and to apply for the supports that they are eligible for. Information regarding these programs can be found on our website https://slbdc.com/covid-19-business-resources/ as well as on the Sarnia Lambton Economic Partnership website https://www.sarnialambton.on.ca/home/covid-19-resources-for-business
Eligible businesses interested in an emergency support loan will be expected to provide the SLBDC with a completed application and supporting documents. Maximum assistance under the program will be $50,000 to be used for operational costs, staff related costs, and costs related to the return to operations for those who have been closed.
Loans will be provided at 0% (zero) interest for the first 6 (six) months, and will be repayable on an interest only basis for the subsequent 6 (six) months fixed at Prime + 3% (currently 5.45% effective rate), followed by a blended principal and interest payment for the following 4 years fixed at the Prime +3% for the remainder of the term. Loans can be prepaid without penalty prior to maturity.
– Emergency Support Loan Application
– Personal Financial Statement
– Cashflow Projections
– COVID-19 Recovery Plan