Mar 26, 2020
New Financing Facilities Through Nickel Basin Federal Development Corporation
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In response to the COVID-19 virus pandemic and given these uncertain times for businesses in our community, the Nickel Basin Federal Development Corporation is prepared to offer to our existing clients the following measure of assistance: Effective April 1, 2020, to July 31, 2020, we will suspend the accrual of interest and postpone payments on loans. For clients that wish to continue their regularly scheduled payments, we will apply the full amount of the payment to principal during this period. In addition, for clients needing additional financial assistance, the same terms and conditions will apply to newly disbursed funds.We will also consider financing for new clients. It would be subject to our normal due diligence. Terms for the first 4 months would be no interest accrual and no principal payments. Going forward, depending on how this situation plays out we could extend those terms or offer rates as low as prime and interest-only payments.
For more information contact Rainer Paull at Rainer.Paull@greatersudbury.ca