The COVID-19 pandemic is hitting NWT businesses hard, but financial assistance is in sight.
Companies experiencing financial hardship as a result of the pandemic can apply to the GNWT for low-interest loans.
The offering comes through the NWT Business Development and Investment Corporation (BDIC).
To qualify, businesses must be able to demonstrate financial need for a 30-day period because of cash flow problems during the pandemic.
“Priority will be given to businesses with fewer than 20 employees, but the GNWT will consider applications from businesses with up to 50 employees,” according to the Department of Industry, Tourism and Investment (ITI).
“Loans of up to $25,000 (or more, if need is clearly addressed) are being made available to qualified NWT-owned businesses at a rate of 1.75 per cent. Loans will be amortized for up to five years with options for payment deferment for three months upon request.”
Companies must also provide a summary of other business relief applied for or received related to the coronavirus and a copy of their NWT business licence.
Applicants can submit an application form with supporting documents to the ITI regional office.
Applications are available on the BDIC website at www.BDIC.ca and will be received via email through the appropriate regional office.