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Financing - COVID-19 Recovery Loan

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Faced with the burden that the COVID-19 pandemic is placing on small and medium-sized businesses in Prescott-Russell, the Prescott-Russell Community Development Corporation (PRCDC) offers a RECOVERY LOAN (from 5 000$ up to 20 000$), available on a limited basis.  Please note, this loan cannot be used to pay debts owing to various levels of government (source deduction, personal and business income tax, GST, property taxes, etc.).

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.

GUIDELINES

Eligibility

  • The applicant must demonstrate that the measures taken to respond to the COVID-19 pandemic have made their situation difficult;
  • The funds cannot be used to pay debts owing to various levels of government (source deduction, personal and business income tax, GST, property taxes, etc.).

Details and terms of conditions of the COVID-10 Recovery loan

  • Minimum amount requested of $5,000 up to a maximum of $20,000;
  • Term of 1 year;
  • Interest rate based on prime rate (currently at 2.95%);
  • 60 month (5 year) amortization;
  • Interest payments only for the first 12 months;
  • Repayment of principal and interest over a maximum amortization period of 48 months at the same rate of 2.95%;
  • No administration fees;
  • Demand Note and General Guarantee Bond (if needed);
  • General and/or Specific Security Agreement.

Other information and general conditions

  • All requests will be reviewed on the basis of the usual PRCDC Investment Funds policies and procedures credit assessment criteria;
  • The Prescott-Russell Community Development Corporation reserves the right to request additional information and documents in order to assess the loan application with due diligence;
  • With regard to social distancing, the PRCDC staff will participate in virtual meetings with the borrowers (if necessary);
  • No amount is guaranteed to the applicant. 

Steps and procedures - Existing PRCDC client

Steps and procedures - New client