Business Recovery Loans

Applying for a Business Recovery loan

Our friendly Loan Analysts are here to listen to how you’ve been impacted and to discuss your financial needs. Before starting the application process, we encourage you to contact Don McCulloch, Business Loans Manager, at dm********@fu*****.ca to set-up an initial consultation. Together you’ll talk about your business and financial needs and he’ll make a recommendation for how to proceed with securing a Business Recovery Loan. 

Business Recovery Loan: What is it?

• Payment deferment for up to 6 months to help your business recover
• Streamlined application process
• Simplified security to include a General Security Agreement and Personal Guarantees 
• Loan amount and repayment terms will be determined on a case-by-case basis up to a maximum of $20,000 
• Interest will be charged at CIBC prime plus 1.0% 

Uses for the Business REcovery Loan

• Replacing or repairing damaged equipment 
• Replacement of raw materials, supplies, and inventory 
• Ongoing operating costs 
• Any other costs resulting from wildfires or lost revenue 

Eligibility

In general, we take the following into account when you apply for a Business* Recovery Loan:

• Business is located in the impacted areas (within the Central Kootenay region)
• Business must have been operating prior to the onset of the wildfires 
• Financial viability of the business prior to the wildfires 
• Business recovery needs and plans

_{*Note: “business” includes for-profit, not-for-profit, co-operatives, sole proprietorships, etc.} 

Apply for a loan

1. Fill out the webform, make sure all required fields are filled. Note, once you hit submit, you won’t be able to edit your form any further.
2. Hit the submit button.
3. Once submitted, you will receive an email asking you to confirm your email. Click the link in the email.
4. Done!

If you have questions, please email our Business Loans Manager, Don McCulloch at dm********@fu*****.ca.