Our top priority is the health and safety of New Brunswickers. Acting now to prevent the spread of COVID-19 will safeguard our economy and ensure critical service delivery is maintained.
At the same time, I fully understand how this pandemic is impacting New Brunswick businesses and I want to assure you that our government will do everything we can to support you during this challenging time.
Thank you for your cooperation and willingness to adhere to the guidelines set out in the State of the Emergency Declaration. I know it can’t be easy to put a temporarily closed sign on your door or send your employees home for an unknown amount of time.
That is why we have acted swiftly and as of April 7, small, medium and large employers in New Brunswick whose businesses have been impacted by the COVID-19 pandemic can apply for working capital loans funded by the Government of New Brunswick.
The new working capital loans are being made available to support New Brunswick-based companies. A total of $50 million has been allocated for two distinct working capital loan programs.
NB Small Business Emergency Working Capital Program (under $100,000)
- Small business owners impacted by the COVID-19 pandemic can apply for working capital loans up to $100,000 through the NB Small Business Emergency Working Capital Program.
- The program is accessible to small businesses with 1 to 49 employees, including sole proprietors and self-employed individuals.
- Examples of businesses which can benefit from the program include restaurants, full time & seasonal tourism operations and service sectors directly by the pandemic.
NB Business Working Capital (up to $ 1 million)
- Opportunities New Brunswick is making available working capital loans to assist employers respond to the challenges associated with COVID-19. Working capital in excess of $100,000, up to a maximum of $1 million is available.
- The funds will support a variety of sectors, including manufacturing and processing industries, information technology and related sectors, business-to-business service sectors engaged in export, or import replacement activities, and cultural enterprises.
We have also made available a quick reference guide that summarizes federal and provincial support measures for businesses. Businesses can also access more information about COVID-19 on a dedicated webpage which features frequently asked questions, and online resources.
As we work towards longer-term solutions for our business community, please know that your concerns are being heard and that, as always, you have my full support.