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Loans available for area businesses not eligible for provincial, federal programs

Timmins Emergency Response Fund offers assistance to small- to medium-sized enterprises in Gogama, Foleyet, Mattagami First Nation, Biscotasing, and Shining Tree
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NEWS RELEASE
TIMMINS CHAMBER OF COMMERCE
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The Chamber and The Venture Centre / Le Centre de développement (The Venture Centre) are encouraging business owners and organization leaders to apply for funding if they feel they have fallen through the cracks. The Venture Centre is committing to temporary innovative solutions, according to the market conditions, in order to support businesses and entrepreneurs and assist them in this period of economic instability.

The Timmins Emergency Response Fund has been created with a $100,000 contribution by founding funder Newmont Porcupine. Administered by partner The Venture Centre, also matched the funds to create a fund of $200,000. The micro-loan program of up to $10,000, is intended to provide timely assistance to businesses that are either ineligible for the provincially- or federally-established programs, or require bridge financing until funds from those programs flow.

“It is critical that businesses and organizations leverage any and all support that can help them stay afloat during this pandemic and beyond,” said Val Venneri, president of the Chamber. “In a time where cash is king, ensuring our community has access to a variety of programming to increase cash flows will lessen the blow of reopening as Phase 1 of the province’s roadmap is rolled out.”

While the partnership between the two organizations continues to support businesses in Timmins, The Venture Centre’s assistance extends to small- to medium-sized enterprises in Gogama, Foleyet, Mattagami First Nation, Biscotasing, and Shining Tree. SMEs in the region who were unable to access existing federal relief measures can now apply for funding from the local Community Futures Development Corporation (CFDC).

The full list of programs administered by The Venture Centre include:

  • Timmins Emergency Response Fund
    • The micro-loan program of up to $10,000, is intended to provide timely assistance to businesses that are either ineligible for the government-established programs or require bridge financing until funds from those programs flow.
  • COVID-19 Emergency Loan
    • This fund, which was launched on March 18, 2020, enables SMEs not able to access regular banking programs, with access to loans up to $50,000.00.  This program is designed as a quick solution to working capital needs. The terms are very flexible including no interest for six months.
  • Regional Relief and Recovery Fund (RRRF)
    • This newly released program, provides targeted assistance to the small towns and communities we serve, The Venture Centre will focus on assisting “main street” businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to our communities, with loans up to $40,000.

These partnerships continue as part of the recommendations of the Chamber and City Joint Business Continuity and Recovery Advisory Task Force and with the support and client referrals from The Chamber, the Timmins Economic Development Corporation, the Downtown Timmins BIA, and Newmont Porcupine.

“Small- and medium-sized businesses have been particularly impacted by the COVID-19 pandemic,” added Amelie Pelletier, Chair, The Venture Centre. ”They are the heart of the economy and through these partnerships that have been created and the new programs that are now available, The Venture Centre, is ready to help support rural businesses and entrepreneurs during these challenging times.”

For more information, visit here for eligibility and the application process.

Quick Facts

  • The Venture Centre CFDC delivers a wide variety of programs and services to support community economic development and small business growth. We employ local staff and are governed by a volunteer board of directors, made up of local residents representing the community.
  • The CFDCs are funded by the Government of Canada through the local Regional Development Agency- FedNor.
  • Between March 18th and May 1, 2020, the Venture Centre has disbursed over $2.1 million dollars in COVID-19 Relief funding to 31 local businesses and impacting 252 local jobs.
  • Local businesses and organizations that have applied for but were unable to access existing federal COVID-19 relief programs are encouraged to contact The Venture Centre for more information.

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