FOR IMMEDIATE RELEASE March 26th, 2020
On March 23rd, 2020 the CDFC announced the COVID-19 Emergency Loan Program in response to the radical drop or total loss in sales that the business community has witnessed due to the COVID-19 worldwide health pandemic. The Program offers micro loans from $2,500 up to $20,000 (and up to $50,000 on exception) to companies who cannot access additional funding through the BDC or their Traditional Bank and need an immediate cash injection to cover expenses over the next three months.
As anticipated, response to the program has been overwhelming, and as a result over subscription to the program is imminent. Due to this overwhelming response the CDFC is unable to accept any additional applications as of 5 p.m. today. Anyone who has already submitted all their documentation to the CFDC will still be moved through the underwriting process.
“The unprecedented demand that we are witnessing is further evidence that our community needs more support. At the current rate, we will process as many loans as we do in an entire year in just about two weeks, to this end the entire CFDC Team and Board are all really stepping up to the plate. Unfortunately, our funds are limited; we will continue to encourage the use of the Cornwall & The Counties CFDC’s to deliver much needed injection of cash to hold small businesses over through these incredibly challenging times.” – Lesley Thompson, Executive Director
While the CFDC COVID-19 Emergency Loan Program is temporarily over-subscribed, we urge you to contact BDC or your Financial Institution as a financial support resource. The local BDC contact is Rose D’Amato who can be reached at rose.damato@bdc.ca.
