This translation has been automatically generated and has not been verified for accuracy.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 per cent between April 1 and July 30, compared to the same period last year.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 per cent of the amount borrowed.“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.
Source: News Formal (newsformal.com)
Loans? Nova Scotia forced their businesses closed indefinitely costing countless jobs, creating immeasurable stress & health issues to all those that have a career in this industry & all they are willing to offer is a loan? Gee, thanks. How will they be able to pay it back?
Loans to tour companies in a province where planes no longer fly to? Future write offs
Agri- tourism
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