Alberta Flood Recovery Interest Rebate Program
This program provides rebates on interest paid for flood recovery loans.
This program is for eligible businesses, agricultural producers and not-for-profit organizations that have taken loans under the Alberta Flood Recovery Loan Guarantee Program to cover costs associated with the floods to redevelop/reinvest in their communities. The rebate will be based on a four per cent interest rate.
- Participation in the Alberta Flood Recovery Loan Guarantee Program or the AFSC Alberta Flood Recovery Loan Program is required to be eligible for the interest rebate program
- The rebate will be at four percent interest, up to an aggregate of $1 million in outstanding loans per entity
- Rebates are subject to the applicant's loans remaining in good standing with their lender
- Applicants can choose a date between July 2013 and June 2014 at which their 24-month rebate period starts
- New loans, up to an aggregate of $1 million, can be added at any time but will only receive the rebate for the remaining portion of their 24-month rebate period
- Borrowers will submit rebate requests with evidence of debt (ie, loan statements indicating opening monthly balance) with a signed declaration from the applicant confirming their loans remain in good standing with their lender
- Rebates will be sent directly to the applicant from the province and are not assignable
- Rebates received under the program will incur a taxable benefit