, business was going to be taken back by RBC, the bank stating the owners of the business agreed to terms when they opened the new location in May 2018.
The Junction has been a fixture in the small town just east of Saskatoon for 44 years — three of which were spent at its current location just outside of the village. Co-owner Noreen Taylor told Global News in late April she had received a notice of forbearance from RBC.Taylor added that on April 9 she negotiated a new forbearance agreement through June 1.Small business owner can’t get answer about Ontario COVID-19 grant, calls Global News and gets helpHer lawyer told her that conditions with the bank meant the business had until April 30 unless they could get a letter of intention to purchase or new financing.
Taylor received a letter of intention on April 29. She thought she was going into work on April 30 to pack her personal belongings and lock the doors before the bank took over.Taylor said she sent the letter of intention to purchase to her lawyer and the banker right away.“I can honestly say I have lost a lot of sleep. I had many sleepless nights over the threat of having to claim personal bankruptcy. But since the letter came, I’ve been able to sleep better at night.
Source: News Formal (newsformal.com)