Interested businesses can contact PACE’s
Business Development Coordinator, Noreen Cox at email@example.com.
Please be aware that while FedNor’s program application is available,
PACE’s funding stream will not be available until the funding agreements
To be eligible for PACE’s stream, businesses will need to have been
established and viable prior to March 1, 2020. They will need to
demonstrate that they have been impacted by COVID-19. Businesses will
need to have fewer than 500 employees, annual sales revenue of less than
$20 million, and provide goods and services for the market economy.
Businesses will also need to have attempted to access other COVID-19
relief measures like CEBA, AFI, etc.
The RRRF loans offered will include the following terms:
* 0% interest until December 31, 2022.
* No principal payments until December 31, 2022.
* Principal repayments can be voluntarily made at any time.
* 25% up to a maximum of $10,000 in loan forgiveness is available,
provided the outstanding balance is paid back by December 31, 2022.
* If any part of the balance is not paid by December 31, 2022, the
remaining balance will be converted to a term loan at up to 5% annual
interest. Effective January 1, 2023.
* The full balance must be repaid no later than December 31, 2025.
* No security will be required.