A message from Valley Heartland regarding COVID-19 support for local businesses
On March 16th, 2020, to help weather the stress of the COVID-19 pandemic on local small and medium-sized businesses, Valley Heartland reduced lending rates to prime, developed a simplified application, and waived all app and admin fees on loans up to $15,000.
Resiliency Loans
Since March 16th, Valley Heartland has responded to 59 new loan inquiries related to COVID-19 and received 39 completed applications. To put this in perspective, on average, the CFDC receives 31 applications per year. Each request is carefully considered, and applicants are also being advised on cash flow strategies and other government funding options available.
Existing Loans
Valley Heartland has provided three months of deferred loan payments for existing loan clients.
- Postponement of loan payments for three months across Valley Heartland’s total portfolio of over 85 businesses keeps funds circulating in the local economy at this critical juncture.
- Before the COVID-19 situation, Valley Heartland had $4.6 million at work in Lanark County, and North Leeds, the protection of those funds and businesses remains a supreme priority.
We are mindful that our field of vision does not become restricted to the immediate foreground. Our staff and board continue to monitor the rapidly evolving pandemic and are taking steps to pivot support when necessary.
Response, Recovery & Resilience
There is a decent probability these first actions will not, on their own, be sufficient, and that further measures by the Government of Canada, FedDev Ontario, and Community Futures organizations will be required to counter the impacts of the COVID-19 outbreak on rural economies.
We recognize that businesses in our communities are vital and are vulnerable to the inescapable economic effects of this pandemic. We are actively and continuously in consultation with elected officials and Federal colleagues in pursuing and securing flexible, creative approaches to support businesses as we navigate this challenging and uncertain time. This means daily communication with our FedDev Officer and semi-weekly meetings with both the Ontario and Eastern Ontario CFDC Network to put forth recommendations that enable bold and immediate action by the Government of Canada and FedDev Ontario to backstop, capitalize, and fund new programming through Community Futures organizations.
These actions are the beginning of three phases of work ahead of Valley Heartland:
Response
Which we are still in the early stages of but pointed in the right direction.
Recovery
As rural communities rebuild.
Resilience
As we inoculate rural economies from shocks by building an ecosystem and infrastructure to support diversification, adaptation and resiliency.
Staying Connected
As you are aware, things are changing quickly, and an evidence-based perspective on the impacts of the coronavirus is essential. Please do not hesitate to contact us if you have any ideas, feedback, or suggestions. There are several possible futures, all dependent on how we respond to coronavirus and its economic aftermath. Any timely data and insights you can offer help our organization navigate through these unprecedented times and support businesses through to a more stable period.
Our Team
Like you, Valley Heartland staff are deeply respectful of the need for physical distancing in helping to arrest the impacts of COVID-19 on our nation and global communities. Thus, the team remains available remotely via email, phone, and social media. Safety is of paramount importance to us, and we continue to take necessary actions to ensure the health and safety of our employees and the Board of Directors so we can maintain support for local businesses.
Valley Heartland would like to thank the staff, board, and partners who have continued to remain focused, committed, and resilient. On behalf of the Board of Directors and staff of Valley Heartland CFDC, we hope that you stay positive, stay well, and stay connected.
Contact Information:
Tina Stevens, GM 613-283-7002 ext. 103
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Amber Coville, Business Development Officer 613-283-7002 ext. 110
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We will continue to provide updates as our response evolves.