Loans of up to $50,000 will be available to Indigenous-owned small- and medium-sized businesses to help cover expenses during COVID-19 pandemic.
June 19, the Ontario government announced it will be providing up to $10 million to businesses that were unable or ineligible to apply for existing federal and provincial COVID-19 relief funding.
Provided through the Support for People and Jobs Fund, loans will be available through Aboriginal Financial Institutions (AFIs), such as Nishnawbe Aski Development Fund or Wakenagun Community Futures Development Corporation.
According to the statement, up to 50 per cent of each loan will be provided as a non-repayable grant, with no interest due on the loan portion until Dec. 31, 2022.
Money can be used to cover rent, utilities, payroll and taxes. It can also be used to increase production capacity, develop new products, move to online marketing or to implement safety measures such as plexiglass barriers.
"Indigenous businesses are experiencing revenue shortfalls at this time, as many are located in rural or remote areas and operate in hard-hit service sectors such as tourism, hospitality and retail," Minister of Indigenous Affairs Greg Rickford said in a news release. "This funding responds to their unique challenges and will help them get back up and running so they can contribute to the rebuilding of the provincial economy."
