CALEB NICKERSON
PONTIAC June 17, 2020
The Pontiac Community Futures Development Corporation, known by the French acronym SADC, has a new . . .
financial aid program for small businesses affected by COVID-19.
Each of three SADC branches in the Outaouais has a fund of $1,059,691 available, with the majority earmarked for loans of up to $40,000 per business.
SADC Pontiac President Rhonda Perry explained that the new money is specifically for costs incurred in response to COVID-19.
“Whether it be a loss of revenue, or they’ve had to adapt their business to meet sanitary measures or the requirements of government … [had] to change infrastructure inside the business or had to move online,” she said. “But it’s very open and wide in terms of what we’re allowed to accept in terms of the applications. It’s very liberal.”
Perry said that this new fund is meant for the businesses that fell through the cracks of the previous small business funding that the SADC and other organizations have announced. She said that those programs were popular, but there were some local businesses that didn’t fit the criteria.
“It has been gangbusters since the announcements in May,” she said. “We’ve had a lot of people apply.
I’m pleasantly surprised.”
The new funding comes in the form of loans of up to $40,000, with no interest for the first 24 months. Perry added that if the business pays back 75 per cent of what they borrowed by Dec. 31, 2022, the remaining 25 per cent is forgiven.
Applications from those who have already received some kind of funding through the SADC will be accepted but the priority is for those that didn’t previously qualify.
Applications are available in both English and French on the SADC’s website and business advisors are also available to help applicants fill them out. Perry said they were aiming to have applications processed within two weeks of receiving them.
A small portion of the funds are also reserved for local economic development initiatives, which Perry said would likely involve partner organizations like MRC Pontiac or the Pontiac Chamber of Commerce.
