Montreal announces $40 million loan initiative for small businesses affected by crisis
Montreal Mayor Valérie Plante announced the city is launching a loan initiative for small businesses affected by the pandemic.
The city will advance a $40 million loan from the Quebec government, lending small businesses a maximum of $50,000.
Businesses will not have to pay back the principal on loans for the first six months and the initiative will extend to up to 1,000 local businesses that have been hit hard by the pandemic. The interest rate will be set at 3%.
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Plante said the emergency assistance program is one in a series of economic measures the city has taken, including deferring property tax payments for both home and business owners.
“Our administration is determined to support the business community, especially the small businesses that drive our neighbourhoods and that are particularly shaken by this crisis,” said the Mayor.
#COVID19: In total, the Montréal agglomeration is receiving a $40 million loan from the Québec government, which will enable it to grant eligible businesses a maximum loan of $50,000. We thank the government for this significant contribution. #polmtl #polqc
— Valérie Plante (@Val_Plante) April 15, 2020