Community Futures Highwood is looking to help out local small businesses, who've fallen through the cracks of the federal Canada Emergency Business Account program.

Executive Director of Community Futures Highwood, Sara Noyes says they can help fill the void.

"So, Community Futures has been given money by the federal government to give out in loan funds for those businesses. And very much like the CEBA, you can take up to $40,000 for some expenses like rent and existing debt and payroll and things like that you're not able to currently cover."

Community Futures Highwood will begin offering tailored small business loans as part of the Government of Canada’s Regional Relief and Recovery Fund.

These partially forgivable loans ensure that rural businesses, that do not qualify for other federal business support programs, receive help and support during this crisis.

Businesses in High River, Okotoks, Black Diamond, Turner Valley, Vulcan, Nanton, Foothills County and Vulcan County can apply for the program.

She says the loans need to be paid back, but if you can do it before the end of 2022, you only have to pay back 75 per cent, and it's interest free.

Otherwise the loans must be paid back by the end of 2025 and will be charged 4 per cent interest starting in January of 2023.

 

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