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Thread: 5.6 Ending the Membership Extension

  1. #21
    Join Date
    Apr 2011
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    108

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    Quote Originally Posted by Lyle Craver View Post
    I had not heard that we might qualify for a federal interest-free loan / grant but could research this. Our store has taken the first slice of this loan (which is $40k which comes with a $10k grant if repaid by 12/31/2021 and which a later $20k has been added with an additional $10k grant if repaid by a date I don't have committed to memory - our store has not taken this yet though we might)

    I haven't really looked closely at the terms so can't tell you with certainty whether the CFC might qualify. I do know that some non-profits have qualified and received the loan.

    It's NOT free money but the terms are very good.
    Our golf course borrowed the $40,000, invested the $30,000 and spent the $10,000. We intend to pay back the $30,000 before it'd due and thus obtain the $10,000 grant. We're shut down for the Winter and I'm told that we're not eligible to apply for the extra $20,000 because of it (ie. you have to be operating to apply). Seems to me that if the CFC can get a free $20,000, that it's something we should be looking into if it's not too late.

  2. #22
    Join Date
    Jan 2009
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    Tecumseh, ON
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    3,268
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    Quote Originally Posted by Lloyd Lombard View Post
    Our golf course borrowed the $40,000, invested the $30,000 and spent the $10,000. We intend to pay back the $30,000 before it'd due and thus obtain the $10,000 grant. We're shut down for the Winter and I'm told that we're not eligible to apply for the extra $20,000 because of it (ie. you have to be operating to apply). Seems to me that if the CFC can get a free $20,000, that it's something we should be looking into if it's not too late.
    I believe we have until the end of March 2021 if my memory of the government website is correct. I will be talking to Bob Gillanders, Hal Bond and Fred McKim about this tomorrow, I suspect.

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