Three Nova Scotia tourism operators that serve as anchors for the sector will be able to access lower-cost financing through the Tourism Sector Financing Assistance Program.
Ambassatours Gray Line and Murphy’s on the Water, Cabot Links and Coach Atlantic have signed on to the program, announced in October 2020 to help rebuild one of the sectors hardest hit by the COVID-19 global pandemic.
The program provides a standby letter of credit that operators use to secure loans. Up to almost $35 million in borrowing has been approved for these operators through their financial institutions.
“Our large tourism operators will play a vital role in our economic recovery and the growth of the sector as we work together to build back better,” said Labi Kousoulis, Minister of Inclusive Economic Growth. “Our large operators were not eligible for federal programs, so we quickly filled that gap with support to ease operating pressures and create the conditions for the sector to rebound.”….
INCLUSIVE ECONOMIC GROWTH Additional Details
Provincial COVID-19 supports for business:
https://novascotia.ca/coronavirus/support/#support-for-business Federal COVID-19 supports for business: https://www.canada.ca/en/department-finance/economic-response-plan.html#businesses