District Creates Business Loan Program
Muskoka businesses struggling with COVID-19 related economic hardships will soon have the opportunity for a major cash injection.
On Tuesday, the District council agreed to create a $750,000 business loan program, to go along with a minimum of $1 million that’s been earmarked by the federal goverment for Muskoka businesses.
The loans will be administered by Muskoka Futures, and are designed to help businesses that have fallen through the cracks and don’t meet the requirements for other funding programs.
David Brushey, the executive director of Muskoka Futures, said their organization and local chambers of commerce have received many calls from business owners that are worried about their financial future. More than 30 people are already on a waiting list for the program to begin.
Brushey said they aren’t completely sure when the money will arrive from FEDNOR, although they expect it to be in the next seven to 10 days.