The provincial government has announced several initiatives to address cash flow and access to credit for small and medium sized businesses in Nova Scotia:
- Payment deferrals until June 30 on all government loans, including those under the Farm Loan Board, Fisheries and Aquaculture Loan Board, Jobs Fund, Nova Scotia Business Fund, Municipal Finance Corp. and Housing Nova Scotia.
- Fees, including business renewal fees and workers compensation premiums, will be deferred. A list of applicable fees will be posted online this week.
- Changes to the Small Business Loan Guarantee Program, administered through 15 provincial Credit Unions, include deferring principal and interest payments until June 30.
- Other changes to the Small Business Loan Guarantee Program include enhancing the program to make it easier for businesses to access credit up to $500,000. For new loans, the first $100,000 will be fully guaranteed by the province. Other changes to this program will be announced soon.