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News Release: Emergency Loan Programme - May 20, 2020

News Release: Emergency Loan Programme - May 20, 2020

Emergency Loan Programme News Release

Date: 20 May 2020

All Nations Trust Company is pleased to announce that the Emergency Loan Application is now available for both current and former clients to download.  Both fillable and non-fillable version of the application are available for use.  The application can be found by clicking “Services”, then “Emergency Loan Application” on ANTCO’s home page.

Program Overview

In response to the COVID-19 crisis, All Nations Trust Company and its subsidiary All Nations Development Corporation (collectively “ANTCO”), through assistance provided by the Government of Canada, is taking action to ensure that Indigenous business owners impacted by COVID-19 have access to the support they require.  The emergency loan program is a component of the Indigenous Business Stabilization Program.

The Emergency Loan Program (“ELP”) is designed as an emergency measure to support small business owners in meeting their immediate operating cash flow needs.  These funds are not intended to replace or duplicate government or other bank/lender emergency financing/funds that are available to businesses in Canada.

Maximum assistance is $40,000 comprised of a 75% loan and 25% non-repayable contribution.  Loan and contribution are issued together.

Loans are:

  • up to 48 months term;
  • interest-free;
  • no payments in first 12 months;
  • loan payments begin in month 13 and are fully amortized over the remainder of the term; and
  • principal repayments can be made voluntarily at any time after six months of issuance, without fees or penalties.

Eligible costs for this assistance can include:

Indigenous owned businesses negatively impacted by COVID-19 can apply for this funding to support their immediate working capital and operational needs.  Eligible expenses could include:

  • non-deferrable operating expenses including, without limitation, payroll, rent, utilities, insurance, property taxes, and regularly scheduled debt service; and
  • emergency measures such as health and safety improvements, workplace sanitizing, and procedures to secure the safety of employees and prepare for business opening.

Funds may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.

Please email the fully completed application with attachments to ELP@antco.ca.

If you have any questions about requirements, please email your questions and phone number to ELP@antco.ca.