GUELPH – Local businesses helped by a million-dollar Emergency Loans Online program funded by Wellington County are almost all able to repay the funds.
The Keep Well Fund was established in March 2020 to support Wellington County businesses during the COVID-19 pandemic Emergency Loans Online
Administered by the two Community Futures Development Corporations serving Wellington County – Wellington Waterloo Community Futures and the Saugeen Economic Development Corporation – the fund distributed $ 891,400 through 60 loans with an average amount of $ 15,108, supporting about 290 jobs, according to a staff report prepared by county economic development director crystal ellis.
“That council, when we got into the pandemic … came to the table very quickly with that million dollars,” Councilor George Bridge, who chairs the county economic development committee, noted at the September 30 meeting. .
Of the principal funds advanced, just over $ 141,000 has been repaid as of June 30.
Of the 60 loans “only one is at risk of default” of “very low” amount, said Bridge.
“We saved a lot of companies, I think, on this program,” Bridge said.
“No payment has been made on an $ 8,000 loan determined to be impaired at the end of 2020 and it remains at risk of default and has interest owed of $ 295,” the report said.
Bridge pointed out that the Wellington County Recovery Grant program was also administered by the two community development organizations.
The program awarded 158 grants totaling just over $ 150,000 to businesses in the county to help them cover expenses related to the pandemic, such as personal protective equipment, security supplies, support services and physical and technological adaptation.
“We are sending a letter on behalf of the County and the Reeve of Western Ontario (caucus) to the local MP’s offices to recognize the exceptional support provided by the community development organization,” said Bridge.
“It was a great organization and they are doing so much with what little money the federal government gives them.”