The federal government is providing loans of up to $40,000 for businesses run by women to help them combat the effects of COVID-19.
Regional Relief and Recovery Fund applications are now open, and Kelowna’s Women’s Enterprise Centre wants to make businesses aware of the opportunity.
The maximum assistance is $40,000, and there is 0% interest and no principal payments required until Dec. 31, 2022. Up to 25% of the loan will be forgiven if the original loan amount is paid prior to Dec. 31, 2022.
If the loan has not been repaid before Dec. 31, 2022, it will be converted to a three-year term loan with interest rates up to 5%. The full balance must be repaid by Dec. 31, 2025.
The assistance is available to female-run businesses that were established and viable prior to March 1, were severely impacted by the pandemic and did not receive other federal funding for whatever reason.
Application forms are available here.
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