We understand that the business community needs assistance now more than ever, and we will be working hard to keep you updated on any Federal and Provincial initiatives as details become available to us.
This page will continue to be updated as more information becomes available. Last Updated March 26, 2020, @ 4:30 pm.
If you do not have a Business Continuity Plan, review the Business Continuity Checklist developed by Small Business BC.
Some areas you will want to consider when developing your Business Continuity plan are:
•Plan for at least 6 months of complete disruption.
•What is the impact on your employees, suppliers and customers?
•What are your operating expenses, what is non-essential?
•Who are your most essential employees?
•What are the other critical inputs required to maintain business operations?
•Can the business "pivot" to continue generating some revenues?
••Will there be an initial investment for new sales channel?
••Forecast how much revenue can be generated?
BDCThe Federal Government passed legislation to provide access to stimulus funding through Business Development Canada. BDC is taking additional measures to provide relief to Canadian entrepreneurs during these difficult times. These include:
- Working capital loans of up to $2 million with flexible terms and payment postponements for up to six months for qualifying businesses;
- Postponement of payments for up to six months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less;
- Reduced rates on new eligible loans;
- Additional details regarding Business Credit Availability Program (BCAP) measures, including industry-specific support, to be announced in the coming days.
Government Supports:Information is changing rapidly, for the most up to date information on measures the Federal & Provincial governments have implemented to ease the financial burden of the COVID-19 crisis, visit: Government of Canada
Province of BC
Community FuturesClick here for more information on our loan program.
Ask yourself: "What are my staffing options?"
1. Keep staff & access wage subsidy (see list of Federal programs below)
2. Reduce hours
3. Workshare - employees agree to reduced work-week & to share the available work over a period of time
4. Work while on EI claim
You can find information on federal and provincial programming here:
Government of Canada
Province of BC
City of Terrace
Chamber of Commerce
Regional District of Kitimat-Stikine
Sign up for the Economic Response Team Newsletter.
We want to know how else we can help. Please let us know by filling out our survey:
Small Business BC: Small Business BC is rapidly updating information as it becomes available. They are also hosting daily digital meetups to address questions issues business owners are facing. Register for free here.
MNP: Visit MNPs resource page on Planning for Recovery.
BCEDA: BC Economic Development Association has created a living document with detailed information including industry-specific programs and policy changes. Review this document here.