Emergency Small Business Support Loan

The Cornwall Small Business Emergency Support Loan is an interest-free loan of up to $ 5,000 for eligible businesses to provide assistance and support to offset the effects of the COVID-19 crisis. Up to $ 1,000 of this amount will be eligible for a full rebate if $ 4,000 is fully repaid by December 31, 2022.

Eligible companies

A business will be able to apply for this loan if:

• it is a for-profit business;
• it is located and operates in Cornwall;
• it has 25 or fewer employees;
• it can demonstrate that business operations have been affected by the COVID-19 crisis.

Businesses that meet the above criteria are encouraged to apply for a loan and submit it to Cornwall Economic Development by 11:59 p.m. on May 29, 2020.

Due to funding constraints, not all applications received may be accepted.

Priority will be given to companies that can demonstrate clear and substantial difficulties resulting from a disruption of business operations due to the COVID-19 crisis. Examples of difficulties include, but are not limited to the following:

• A business classified as a non-essential workplace
• A company that has been forced to cease its daily activities
• A company that had to lay off employees
• A company that has experienced significant drops in revenues
• A company that has experienced significant disruption in the supply chain
• A company that has experienced significant disruptions in external markets

Loan details

Eligible businesses may be eligible for a loan of up to $ 5,000, as detailed below:

1. Emergency support: a loan of $ 2,500 to provide immediate emergency support, and;
2. Transitional support: a loan of up to $ 2,500 to offset costs incurred in helping the company move to a more versatile business model. Transitional support funds are to be used to offset expenses of $ 2,500 or more made between March 17 and December 31, 2020 that will make the business more resilient to future business disruptions. Eligible expenses include: web development, adding e-commerce functionality, renovations, and other expenses that will allow the business to adapt to new public safety regulations.

Cornwall’s Small Business Emergency Support Loan is interest free. One-fifth of the loan (20% = $ 1,000) is eligible for full forgiveness if the remaining four-fifths (80% = $ 4,000) are fully repaid by December 31, 2022. If the loan cannot be repaid before on December 31, 2022, it can be converted into a 3-year term loan with an annual interest rate of 5%. While no principal repayments are required before December 31, 2022, it is still good practice to make regular payments to match the incoming cash flows from your business operations.

Admission

Admission began April 30, 2020 and the deadline has been extended to May 29, 2020 at 11:59 p.m.

Directions: Download the application form and save it on your computer. To edit the form, open the saved document using Adobe Acrobat Reader or Adobe Acrobat. These programs will allow you to edit the form and save your progress. (Warning: do not modify the form in your browser, your progress will not be saved.)

Application forms, along with any supporting documentation, should be sent to Cornwall Economic Development, attention Dana McLean. Documents can be mailed or dropped off at City Hall at 360 Pitt Street. Documents can also be scanned and emailed.

Questions and / or completed application forms can be sent to:

Dana mclean
Development coordinator
Cornwall Economic Development
613-930-2787 ext 2105
dmclean [at] cornwall.ca

Funding Details

The Cornwall Small Business Emergency Support Loan is provided through the City of Cornwall Community Improvement Program. Total program funding is capped at $ 500,000.

Financial aid options

If your business is struggling with COVID-19, you may be eligible for additional relief. This includes funding programs supported by the federal and provincial governments and administered by financial institutions.

We summarize the latest news on a daily basis regarding the impacts of COVID-19 on businesses in Cornwall. Click on the following link to view: