PARRY SOUND, ON-Small businesses across cottage country are getting a chance to receive a $250,000 loan from the Federal Economic Development Initiative for Northern Ontario (FEDNOR).
Sault Ste. Marie MP and FEDNOR member Terry Sheehan told MyParrySoundNow that any local small business that did not apply for any pervious government funding would be able to receive up to $250,000 from the government institution.
Sheehan said that when the COVID-19 shutdowns began, the government cast out a wide net with funding programs that assisted as many businesses as possible.
After conducting consultations with local Chambers of Commerce and various organizations, the net was tightened to try and support more businesses that were unable to apply for the first round.
This announcement of funding going to FEDNOR is in response to helping the smaller local businesses who may have fallen through the cracks of the previous government funding attempts.
Any businesses that tried to apply to the Canada Emergency Bank Account, which had an eligibility guideline of paying at least $20,000 in 2019 payroll, and were not accepted, is one of the key qualifications for receiving funding from FEDNOR.
Anyone interested in applying for this funding can head here.