The COVID-19 lockdown has been devasting to many Canadian businesses, and the sad reality is that many of them will not survive this. Federal, provincial, and local governments have all introduced programs to help such as the Canadian Emergency Wage Subsidy (CEWS) which covers 75% of an employee’s wages for businesses of all sizes who have lost at least 15% of their revenue due to COVID-19, and the FedDev Regional Relief and Recovery Fund which provides interest-free loans to small and medium sized businesses who have lost revenue during this pandemic.
Through programs involving subsidies, rent relief, repayable loans and payment deferrals on business costs such as income tax and WSIB, it is hoped that more businesses will have the support they need to survive the COVID-19 pandemic.
As a business owner of a small to medium enterprise (SME), it is important to take advantage of every program that you qualify for to ensure your business can weather this storm.
In addition to the government loans and relief programs that are currently being offered, you may want to consider other types of loans as well. At CORFinancial, we offer our SME clients the following:
A Bridge Loan is a short-term loan that businesses can use until another expected event happens – such as getting funding from another source, payment on a contract, the sale of property, or re-opening after COVID-19. It is called a bridge loan because it is quite literally meant to bridge the gap.
For SMEs across the country, this has been a time of unprecedented uncertainty. At some point, the economy will return but without sufficient funding, it may not happen soon enough for some businesses. Access to bridge loans can help companies survive.
If you would like to learn more about bridge loans or any of the types of financing that we offer for SMEs, contact us today. Together, we can help you get through the COVID-19 lockdown.