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Financing - Temporary support measures to businesses (COVID-19)

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FINANCIAL SUPPORT FOR THE PRESCOTT-RUSSELL SMEs AFFECTED BY THE COVID-19

APPLICATION FOR FUNDING OR MODIFICATION TO AN EXISTING PRCDC LOAN


IMPORTANT

The Coronavirus (COVID-19) spread continues worldwide and right here in the Prescott-Russell and Southern Ontario regions.  Its economic repercussions are inevitable, which creates uncertainty for small and medium businesses and entrepreneurs.  Being proactive in its approach to the situation, the PRCDC is committed to providing temporary innovative solutions, according to the market conditions, in order to support businesses and entrepreneurs and assist them in this period of economic instability.  In you're beginning, or foresee in the near future, to feel the economic impact on your business, please fill out and submit this application as soon as possible.

Before beginning your application, please carefully review the program guidelines to ensure your business is eligible to apply for funding or modification to an existing agreement and your proposed activities meet the program's objectives and criteria.  

You are encouraged to contact the PRCDC at 1-877-632-0919 or via email at info@sdcpr-prcdc.ca to discuss your application or proposed modification and other government programs that may be available to your business.

You must answer all the questions and submit all the required documents with your application.  Incomplete applications cannot be assessed and may be deemed ineligible.

All requests for postponement of payment or postponement of capital or new financing must be approved by the PRCDC Executive Committee following the prepration of the requests with reasonable du diligence and recommendation from the PRCDC staff.  All communications will be virtual until further notice. 

Steps and procedures to follow :

  1. Reception of the application from the entrepreneur/business
  2. Validation of information
  3. In-depth analysis of the application form and documents
  4. Submit the file to the Executive Committee for approval
  5. Preparation of the Credit Commitment Offer or amortization schedule amendment
  6. Document signatures 

Maximum response time is 5 business days

GUIDELINES FOR NEW LOANS 

Please select the option that will best suit your needs based on the following criteria::

Loan of $5,000 to $50,000 (maximum of $30 000 for EDISO loans):

  1. 1 year term
  2. 12 first months: interest only payments at current prime rate
  3. Amortization of 5 ans

Loan of $50,001$ to $150,000 (EDISO loans not eligible):

  • 1 year term
  • 12 first months: interest only payments at current prime rate
  • Amortization of 7 ans

Loan of $150,001$ to $250,000 (EDISO loans not eligible):

  • 1 year term
  • 24 first months: interest only payments at current adjustable rate
  • Amortization of 10 ans

GUIDELEINES FOR EXISTING LOANS


Please select the option that will best suit your needs based on the following criteria:

  1. For existing clients:  Postponement of payment for 3 months depending on the sector of your business, the type of your business and the service offered
  2. For existing clients: Extension of 6 months of interest only payments for entrepreneurs and businesses already benefiting from non-capital payments
  3. For existing clients: Extension of 6 months of interest only payments for entrepreneurs and businesses already benefiting from non-capital payments
  4. For existing clients: Payment reduction for 6 months depending on the repayment capacity
  5. For new clients: access to flexible and flexible loans of up to $ 250,000  (maximum loan of $30 000 for EDISO loans) with a rate adapted to the needs of businesses with the possibility of postponement of capital for the first 12 months, repayable over a maximum of 120 months (60 months for EDISO loans).


BEFORE YOU BEGIN

Please downlaod, fill out and submit with your application

Documents to downlaod 

     Notice of consent to the PRCDC for new clients only
   
     Disclosure of personal information (each applicant) for new clients only
   
     Disclosure of information on the company for new clients only
   
    Appendix A - Finance Ratio
   
     Appendix C - Personal finances (each applicant)



Please click HERE for the temporary support measure application