As we face the ongoing effects of the COVID-19 outbreak, our thoughts naturally turn to the wellbeing of those most important to us. There is a time to travel and a time to keep close to family and home, and we hope yours remain as safe and secure as possible through this crisis.
For our Hotels, Restaurants, Bed & Breakfast, Short Term Rentals, Theatres, Wineries, Retailers and each one of us that belong to the huge tourism industry of NOTL, the safety and security of our residents, guests and staff is always paramount, and never more so than at a time like this.
We believe in the value of tourism, and we look forward to welcoming our guests with open arms when the time is right.
Tonight, we are asking you once again to take a survey. “We are hearing that some stakeholders are either being rejected outright by banks and other financial institutions or being required to undergo rigorous and expensive risk assessments. It is imperative that we obtain feedback from stakeholders who are attempting to access these programs immediately so we can provide feedback to government officials”.
Please invest five minutes and take the survey of Business Credit Availability Program (BCAP), this survey is one of the most important that we have asked you to take because it will allow to know which businesses are falling through the cracks and thus make the programs more effective and useful.
We are also bringing you the Data available at the CBRN (Canadian Business Resilience Network) from the Canadian Chamber of Commerce; the results of the trans Canadian business survey are there.
Be well, stay healthy
The Team at the Niagara-on-the-Lake Chamber of Commerce and Tourism NOTL
BCAP Survey
As part of our ongoing advocacy efforts on behalf of the travel economy, TIAC is gathering information on how the new Business Credit Availability Program (BCAP) is being applied by financial institutions and whether tourism stakeholders are able to access this new support measure.Through the Business Credit Availability Program, Export Development Canada (EDC) is working with financial institutions to guarantee 80% of new operating credit and cash flow term loans of up to $6.25 million to small and medium-sized enterprises (SMEs).This financing support is to be used for operational expenses and is available to both exporting and non-exporting companies.
Through the Business Credit Availability Program, Business Development Canada (BDC) is working with financial institutions to co-lend term loans to SMEs for their operational cash flow requirements. The program offers differing maximum finance amounts based on business revenues. We are hearing that some stakeholders are either being rejected outright by banks and other financial institutions or being required to undergo rigorous and expensive risk assessments. It is imperative that we obtain feedback from stakeholders who are attempting to access these programs immediately so we can provide feedback to government officials.
We appreciate your time is precious but we also need to be able to provide real-time feedback on how this program is being applied and what the impediments are.
Good planning requires good data and information. We’ve aggregated Canada’s foremost economic dashboards on COVID-19 indicators to help cross-sectoral decision-makers make informed choices on retooling, reopening and recovery. Additionally, we teamed up with Statistics Canada to create the most comprehensive picture, or dataset, of business impacts and decisions amid the current health crisis through the Canadian Survey on Business Conditions.
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(Official tax receipts issued for all donations of $25 or more)
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