BLC businesses have 2nd option

Richard Froese
South Peace News

Business owners in Big Lakes County now have two funding options to enhance their business premises.
Along with Big Lakes business refurbishment program, the county has become a partner with Community Futures – Lesser Slave Region in its Beautification Loan Program.
At its regular meeting Oct. 26, council approved a memorandum of understanding (MOU) for the Community Futures interest-free loan.
Council earlier approved a motion at its regular meeting Aug. 26 to allocate $10,000 to pay the interest on the loans.
“All we’re providing is the interest-free program,” Joussard Councillor Richard Mifflin says.
“Community Futures deals with the loan program.
“The concept is to get more economic development and businesses in the county.”
The new loan program operates year by year, says Brett Hawken, director of community and protective services.
Under the MOU, Big Lakes provides a maximum of $10,000 in interest payments for loans approved in 2022-23. The interest loan is based on a three-year term loan, with a maximum loan value of $20,000 with a prime plus two per cent simple interest rate.
Big Lakes provides the entire interest portion of each loan to Community Futures upon disposing the loan funds to a business.
Once the loan is approved and disbursed by Community Futures, the interest portion provided by Big Lakes will be considered allocated.
Big Lakes and Community Futures will promote the loan program to businesses located in the county.

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