Redford Government provides a Hand-Up to Alberta's flood-affected small businesses
“Many small businesses, agricultural producers and not-for-profits need immediate action to help get them back on their feet. These programs are another important piece to the Redford government’s strategy to rebuild Alberta together,” said Doug Horner, President of Treasury Board and Minister of Finance. “I am pleased to be able to partner with financial institutions to deliver the Hand-Up Plan and speed up the economic recovery of our communities.”
The Alberta Flood Recovery Loan Guarantee Program will provide low-interest loans up to $1 million, which are 75 per cent guaranteed by the province. They will be offered through financial institutions and the Agriculture Financial Services Corporation (AFSC). These loans will provide longer-term assistance to participants to help them stabilize their operations and assist in rebuilding, particularly those awaiting payments through existing recovery options and requiring cash injections to continue rebuilding.
The Alberta Flood Recovery Interest Rebate Program provides rebates of four per cent interest to those participating in the Alberta Flood Recovery Loan Guarantee Program. These funds will be paid directly by the province.
Small businesses, agricultural producers and not-for-profit organizations can contact their financial institutions or the AFSC to determine their eligibility.
“Approximately 1,500 small businesses are directly affected by the flood emergency and they in turn support many more suppliers, clients, subcontractors and employees. These programs recognize the scale of this disaster and we appreciate the Alberta government responding to the needs of businesses that have been affected,” said Ken Kobly, President and CEO of Alberta Chambers of Commerce.
Our government was elected to keep building Alberta, to live within its means and to fight to open new markets for Alberta’s resources. We will continue to deliver the responsible change Albertans voted for.
Media inquiries may be directed to:
Chris Bourdeau, Communications
Treasury Board and Finance
To call toll free within Alberta dial 310-0000.