Nova Scotia government announced Friday that it will launch a new financial support program to help small businesses negatively impacted by COVID-19.
The COVID-19 Small Business Credit and Support Program has been described by the province as “a temporary stream for access to credit, cash grants and support delivered through participating credit unions.”
This new program comes in addition to other supports previously launched by government, including the Small Business Impact Grant, Rent Deferral Guarantee Program, Worker Emergency Bridge Fund, deferring fees, loan and interest payments
“Many small businesses don’t qualify for the Canada Emergency Response Benefit and need our help,” said Business Minister Geoff MacLellan in a press release.
“We’re focused on offering programs that complement federal programming and bridge gaps. This new stream provides small businesses much-needed access to cash and other business supports to help them now and after the pandemic.”
Moreover, Nova Scotia is partnering with the federal government to provide commercial rent relief for small businesses that have temporarily stopped operations or experienced a 70 per cent revenue decline due to the COVID-19 pandemic.
The province said it is contributing $9 million to the program.
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