Lisa Loughery is the CEO of Bayview Credit Union. (Photo submitted)
This Small Business Week is one like no other as employers continue to deal with the impacts of the COVID-19 pandemic.
But the CEO of a New Brunswick credit union says there is no shortage of assistance available to help business owners.
Lisa Loughery, CEO of Bayview Credit Union, points to several federal programs, including the Canada Emergency Business Account.
“They offer $40,000 in interest-free loans with up to 25 per cent of that forgivable. That also has just been expanded to now offer an extra $20,000 and half of that is forgivable,” said Loughery.
There is also the Canada Emergency Rent Subsidy which offers rent and mortgage support to businesses which have lost revenue.
The Canada Emergency Wage Subsidy allows employers who have seen a drop in revenue keep and re-hire employees.
Loughery said support for small business is critical right now because they play such a key role in the national and provincial economy.
“In New Brunswick, there are more than 26,000 small businesses operating in our province. That employs more than 200,000 people and it does account for almost 60 per cent of employment,” she said.
Financial institutions and credit unions have been busy over the past few months helping small businesses navigate the pandemic.
Loughery said many businesses owners who have approached them are looking for advice on what programs they qualify for or should be considering.
“Our commercial account managers, they’ve been offering advice more than anything on the current lending, the different programs out there, helping them navigate through some of the programs that are offered directly from the government,” she said.
Loughery encouraged business owners who need support to reach out to their local credit union, even if they are not a member.
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