The option of deferring or reducing loan payments was provided to all BDIC clients including those who applied for and received low-interest Working Capital Loans as part of the GNWT’s initial COVID-19 relief efforts.
The NWT Business Development and Investment Corporation initiative was introduced in March as part of the GNWT’s initial response to the COVID-19 Pandemic.
With the initial three-month relief period set to expire at the end of June, and in response to requests from clients, the BDIC is now extending the option of loan deferrals and reduced payments until March 31st, 2021. Businesses will need to formally request the extension.
Katrina Nokleby, Minister of Industry, Tourism, and Investment noted that since March 20th, the GNWT has committed over $20 million in off-sets and supports specific to NWT businesses.
“Our relief initiatives and programs have been an investment in our recovery – and in our ability to now look forward. For our economy to recover, we need small businesses to be open – and our people to be working.”
It is estimated that this extension will save NWT businesses $4.5 – $5 million in collective cash-flow during the 2020/2021 fiscal year.
There are currently 133 NWT businesses representing 174 accounts benefiting from the Payment Deferment/Reduction Initiative. 91 NWT businesses have benefited from COVID-19 Working Capital Loans worth over $2.3 million.