Photo: Nova Scotia Tourism

HALIFAX — The Nova Scotia government is offering $50 million in loan guarantees for the province’s larger tourism operators struggling to deal with the COVID-19 pandemic.

The program will provide eligible operators access to debt financing, such as lines of credit or term loans issued by a chartered bank or the Business Development Bank of Canada, at more favourable terms.

Eligible businesses must have annual revenues of at least $10 million and employ at least 100 people, while having experienced revenue decline of at least 50% between April 1 and July 30, compared to the same period last year.

They include resorts and tour operators.

In March, the province also provided $50 million to support businesses that closed as a result of public health orders.

Under the tourism program, the amount of debt cannot exceed $15 million per applicant, and the province will guarantee up to 95% of the amount borrowed.

The interest rate cannot exceed the prime lending rate plus 1.5%.

“COVID-19 restrictions have hit the industry hard,” Business Minister Geoff MacLellan said in a news release Friday, adding that in helping larger businesses, smaller operators would also benefit either directly or indirectly.

The program will be administered by the Nova Scotia COVID-19 Response Council at Dalhousie University.