GoodLife Fitness has received a $310 million loan from the federal government.
The funding comes from the Canada Enterprise Emergency Funding Corporation (CEEFC) and is being made under the Large Employer Emergency Financing Facility (LEEFF).
The LEEFF provides loans to Canada’s largest employers, whose “needs during the pandemic are not being met through private market financing.”
“It provides large Canadian employers with access to credit to preserve jobs and continue operations during this challenging period,” reads a statement from the CEEFC.
GoodLife is Canada’s largest group of fitness club chains and the fourth largest in the world. The corporation has nearly 500 clubs across the country and over 10,000 employees. The GoodLife umbrella includes GoodLife Fitness, Fit4Less, and ÉconoFitness.
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The LEEFF is open to large Canadian employers who support a significant workforce or operations in Canada or can demonstrate approximately $300 million or more in annual revenues.
Other businesses that have been approved for the loan under this program include Gateway Casinos & Entertainment, Conuma Resources, and Sunwing Vacations.
Daily Hive has reached out to GoodLife Fitness for additional comment.