HALIFAX, Nova Scotia–Canada and its provinces are also offering small businesses financial assistance as the result of COVID-19, and credit unions are participating in the various programs.
Nova Scotia has announced a COVID-19 Small Business Credit and Support Program as a temporary stream for access to credit, cash grants and support delivered through participating credit unions.
"Many small businesses don't qualify for the Canada Emergency Response Benefit and need our help," Business Minister Geoff MacLellan told Halifax Today. "We're focused on offering programs that complement federal programming and bridge gaps. This new stream provides small businesses much needed access to cash and other business supports to help them now and after the pandemic."
Eligibility Requirements
To be eligible, small businesses must have a payroll less than $20,000 in the previous fiscal year and have experienced a decline in revenue from sales of at least 15% in March or at least 30% in April, May or June.
Halifax Today further reported as part of the package of supports for small businesses, the province is working with post-secondary education partners to deliver education, training and guidance to small businesses. A centralized hub is being hosted by the Nova Scotia Community College that will connect businesses to support programs available from post-secondary institutions and other regional organizations.