Options for Community Futures Nicola Valley Loan Clients
We know the measures being implemented by the federal government to stop the spread of COVID-19 are having a serious impact on small business owners in the Nicola Valley, as people are self-isolating and avoiding gathering places. To support our loan clients during this period of uncertainty, Community Futures Nicola Valley is making the following options available, upon request and demonstration of need:
1) Existing loan clients
You will have the following two options to help you with your cash flow:
Option 1: Existing loan clients may request a 3-month “Skip payment”. With this option, we will skip your monthly principal payments in April, May and June. Those skipped principal payments can be made up anytime during the remaining term of the loan. CFNV will re-evaluate this situation at the end of the three months. If needed, an extension might be considered.
Option 2: Existing loan clients may request a 3-month interest payment only. With this option, client will pay interest only for the months of April, May and June. CFNV will re-evaluate this situation at the end of the three months. If needed, an extension might be considered.
2) New & existing loan clients
New and existing clients may take advantage of the COVID-19 Loan Program for Small Business Emergency Response Application. This program provides financial support to businesses that have not been able to operate or have operated at a reduced level for more than 5 days due to the emergency situation. Financing is provided in the form of a repayable loan with relaxed terms and interest rates for up to $20,000.00
Please contact our Business Analyst if you would like to take advantage of these options.