Venture Niagara COVID-19 Business Loan

Venture Niagara has created a COVID-19 Business Loan available to Niagara businesses. The loan details and the application process for a Venture Niagara COVID-19 Business Loan are as follows:.

• Loans from $2,500 - $15,000.
• 3 year amortization.
• Fixed interest rate of 2.45% for the first year with interest only payments in year one.
• Fixed interest rate of 3.45% for the balance of the loan.
• Principal & interest payments start in year two and continue to the end of the loan.
• The loan is repayable anytime in part or in full without penalty.

Loan criteria

• To assist with the hardships of the COVID-19 pandemic on the applicant’s business.
• Loan is not to be used to repay current loans, operating lines, or credit card debt.
• The business must be based in Venture Niagara’s service area including the following municipalities: Fort Erie, Grimsby, Lincoln, Niagara Falls, Niagara-on-the-lake, Pelham, Port Colborne, St. Catharines, Thorold, Wainfleet and Welland.
• Reasonable personal financial investment must be shown by the applicant.
• Business must have been in operation for at least one year prior to March 1, 2020.
• Good personal credit rating.
• Demonstrated ability to repay.
• Competent management.
• Future economic viability of the business.
• Loan application are to be submitted by May 31, 2020.

Learn more about the Venture Niagara COVID-19 Business Loan at www.ventureniagara.com/covid-19-business-loan/

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