Tillsonburg BIA implements business loan program
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The Board of Management of the Tillsonburg Business Improvement Area has implemented the following LOAN program for members of the BIA zone.
This program is a last-resort for BIA members who have exhausted all other means of financial support(s) before applying for this LOAN program. The intent is to assist in payment of monthly rent.
The LOAN program design is as follows:
Maximum of $2,500 per BIA member, per business, per address.
No payments until January of 2021.
This is a fully repayable loan at 0% interest.
The loan is to be repaid at a maximum term of 12 months.
The loan is to be used to assist with payment of base lease/rental costs.
Payment will be made directly to the landlord from the BIA bookkeeper.
All applications are subject to review and approval of the BIA Treasurer and Finance sub-committee.
The total available funds for this program are $62,000 (which has been approved by the BIA Board of Management and the Council of the Town of Tillsonburg).
The application form must be completed each month that financial assistance is required. The program is available for the May 1st rental payment.
The applicant must complete an attestation that they have provided accurate information in the application form.
Businesses needing assistance with the loan program application can contact Mark Renaud, BIA Executive Director at 519-403-6352 or m.renaud@tillsonburgbia.ca.
Funds will be awarded on a first-come, first-served basis and final approval solely rests at the discretion of the BIA Finance Committee.
The Google Docs form to be considered for the COVID-19 Relief Program is available from the Downtown Tillsonburg BIA. The deadline for the May 1st rental payment is Thursday, April 30 at 2:59 p.m.
WEBINAR
The Downtown Tillsonburg BIA is working to understand the current needs of its members during the COVID-19 pandemic. Businesses are asked to register for an upcoming webinar, Best Practices for Doing Business in a Pandemic.
Tillsonburg BIA’s Business Expert and Digital Media Expert will present a webinar to help downtown businesses face the Covid-19 challenges and continue to communicate with current/potential customers.
Submit your questions before Thursday, April 30, 10 a.m. The Google Docs form is available from the BIA.
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