The Town of Edson and Community Futures West Yellowhead (CFWY) understand the difficulties the COVID-19 pandemic has caused the small business community. As a result, the Town of Edson has made funds available to CFWY to provide support and assistance to SMEs and non-profits through the Edson Small Business Loan.
General Details
- Maximum loan of $25,000
- 0% interest for the first 365 days
- No payments are required until the 366th day after the loan agreement is signed, then payments will continue until the loan balance is paid in full.
- Principal repayments can be voluntarily made without penalty within the first 365 days after the loan agreement is signed
- The full balance must be repaid no later than 3 years from the date the loan agreement is signed
- Loans will be at a fixed interest rate of 3%
- Businesses who have a valid business license in the Town of Edson
- Businesses and non-profits located in the West Yellowhead who have experienced a drastic change in their operations due to COVID-19 on or after March 17, 2020
- Businesses must provide up to date financial statements and disclose any outstanding arrears to CRA in the last 6 months. Businesses must be considered viable and able to pay back loan debt to Community Futures West Yellowhead
- Businesses must have less than 500 employees, annual sales revenue of a minimum of $5,000 annually, and a gross annual revenue of less than $5,000,000
- Preference will be given to store front businesses in the downtown area who deal with clients on a face-to-face basis
- Preference will be given to current and past (within two years) CFWY loan clients who have storefront properties
- Business innovations related to working in a “new normal” under COVID-19 such as new technology, website development and/or any changes to the business model related to increasing revenue streams to the business
- Costs supporting changes to business models related to pivoting day to day operations
- Expenses related to business retention in Edson due to operating a business under COVID-19
- Any physical external modifications will need to have at least two quotes attached from a certified contractor in the province of Alberta
- Any expenses that improve revenue and/or the viability of the business in the next three years
- Expenses related to increasing online shopping for residents and/or “curbside” pick ups for local business operators
- Training expenses related to expanding business models so that virtual shopping and the business online presence is increased
- Costs not provided in receipts or quotes
- Salaries
- Rent, leasehold improvements or commercial mortgage payments
- Expenses covered by other federal programs related to COVID-19
- Any expenses covered by CFWY loan programming such as RRRF and/or CFWY regular loan program