With many small and medium-sized Indigenous businesses across the Country having to deal with the volatility brought on by the pandemic, the Federal government is looking to help them recover by forgiving up to 50 percent of the COVID Indigenous Business Initiative loans.
The loans provided a lot of assistance during the pandemic to Indigenous Businesses and really helped them stay in business.
Loan forgiveness is expected to benefit around 3,800 small and medium sized businesses and entrepreneurs across Canada and around $82.5 million is expected to be wiped away in total.
Implementation of this practice started this summer and both business owners and entrepreneurs are being told to contact their financial institutions regarding what can be done regarding their loans.
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