Support for Businesses

Information & Resources for Businesses During COVID-19

The Province of Ontario has issued an order requiring the mandatory closure of all at-risk workplaces  effective 11:59 p.m. on Tuesday, March 24th to fight the spread of COVID-19.

Read the list of essential workplaces in response to COVID-19

Businesses with questions about the order are encouraged to call the Province's toll-free
Stop the Spread Business Information Line at 1-888-444-3659.

The Town’s Economic Development Office is working with industry and business development partners from throughout the region, including the County of Simcoe Economic Development Office and Nottawasaga Futures, to identify important information and resources to assist local businesses and their employees in responding to the economic impact of COVID-19.

We're working with our partners to gather information on how we can best support your business at this difficult time. Complete this quick survey to help us understand the changing conditions and  your business' needs.

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Business Support & Recovery

 Canada's COVID-19 Economic Response Plan

The Government of Canada's COVID-19 Economic Response Plan includes a wide range of measures to support Canadian businesses and their employees who are facing financial hardship as a result of the pandemic. 

 Ontario's Action Plan: Responding to COVID-19

Ontario's Action Plan will provide support for people and businesses through tax credits and deferrals to improve their cash flow, protecting jobs and household budgets, while providing the resources necessary to protect their health.


Additional Provincial Government Announcements

The Province of Ontario has also made a number of announcements that will impact the local business community and workforce:

 Banking Solutions

Canada’s six largest financial institutions – Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank – announced a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19, childcare disruption due to school closures, or those facing illness from COVID-19.

This support will include up to a six-month payment deferral for mortgages and the opportunity for relief on other credit products.

Business owners facing hardship are encouraged to contact their bank directly to discuss options that could be available to them. 

Source: Canada's Six Biggest Banks Take Decisive Action To Help Customers Impacted by COVID-19


The Business Development Bank of Canada (BDC) has announced additional measures to provide relief for Canadian entrepreneurs. These new relief measures for qualified businesses include:

  • Working capital loans of up to $2 million with flexible repayment terms such as principal postponements for qualifying businesses;

  • Postponement of payments for up to 6 months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less;

  • Reduced rates on new eligible loans. 

 Local Small Business Financing

Our business development partners at Nottawasaga Futures, a small business support agency in South Simcoe County, are working to make unsecured loans of up to $10,000 available to business owners in its service area, which includes Innisfil, Bradford West Gwillimbury, New Tecumseth, Adjala-Tosorontio, and Essa.

These loans could include low interest rates, interest-only payments, and extended payback periods. For more information, contact Nottawasaga Futures’ Loans Officer, Andie Cote, at 705-435-1540 or andie@nottawasaga.com.

 Free Local Business Consulting Services

Nottawasaga Futures also provides a free business consulting program. Businesses can access help to:

  • Make sure their website is optimized for buying or booking appointments online

  • Setup online ordering for both delivery and take-out through their website

  • Convert existing stores to e-commerce to offer online buying capabilities

  • Offer online and/or live classes or consultations using tools like Skype and ZOOM.

Call 705-435-1540 or email ced@nottawasaga.com for more information.

 Business Credit Availability Program

The Government of Canada announced the establishment of a Business Credit Availability Program (BCAP) to help Canadian businesses obtain financing during the current period of significant uncertainty.

Through this program, Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will provide more than $10-billion in direct lending and other types of financial support at market rates to businesses with viable business models whose access to financing would otherwise be restricted. 

Businesses seeking support through BCAP should contact the financial institutions with whom they have a pre-existing relationship, so that the financial institutions may assess the client’s financial request. If the needs of the client exceed the level of support the financial institution is able to provide, the financial institution will work alongside BDC or EDC to access additional resources the Government has made available under BCAP.

 Farm Credit Canada Support Program

To ensure producers, agribusinesses and food processors can remain focused on business-critical functions rather than worrying about how to access funds to keep operating through this challenging period, effective immediately, Farm Credit Canada has put in place:

  • a deferral of principal and interest payments up to six months for existing loans; or

  • a deferral of principal payments up to 12 months

  • access to an additional credit line up to $500,000, secured by general security agreements or universal movable hypothec (Québec only)

 Utility Provider Supports

Electricity

Alectra Utilities and Hydro One have each announced support measures for customers affected by COVID-19:

The Province of Ontario has also announced Electricity Rate Relief measures for families, small businesses and farms paying time-of-use (TOU) rates.

 Additional Resources

Our array of business development partners and service providers are regularly updating resource lists and hosting webinars to help educate business owners as they navigate this complex and challenging situation. Find more information at the following organizations' websites:

 
For the most up-to-date Town of New Tecumseth information, please visit our COVID-19 Information page.