The Town of Georgina is setting up a $250,000 Emergency Response Benefit to support local businesses. This fund will grant eligible businesses, who have seen a 30 per cent reduction in revenue, up to $7,500 and will be administered through South Lake Community Futures.
“As a result of the Ontario government’s mandatory closure of all non-essential businesses, many throughout our community are experiencing financial strain and hardship,” said Mayor Margaret Quirk. “Georgina has more than 800 businesses and the majority employ less than 10 people. Town staff have been working with their colleagues throughout York Region to get targeted programs to support local economies now and into the recovery period.”
The federal government has started to roll out a number of programs to provide short-term financial assistance to the business community. It is hoped that additional programs will be launched to support longer term recovery efforts.
The money for the Emergency Response Benefit will come from the tax rate stabilization reserve. The funds will be given out as grants to local businesses with amounts ranging from $2,500 to a maximum of $7,500.
South Lake Community Futures has the experience and staff to review the applications and ensure the program is administered at arm’s length from the municipality. The Town will provide parameters to help determine eligibility for the benefit.
- Must be located in Georgina
- Must be a registered business (sole proprietorship, partnership or corporation where the applicant is the major shareholder)
- Must demonstrate a 30 per cent loss of revenue
- Must have 2018 tax filing information complete
- Demonstrate the ability to maintain operations for six months, prior to COVID-19 Pandemic
- Operational 12 months of the year
Businesses not eligible include:
- Corporately owned franchises
- Not-for-profit or charitable organizations
- Multi-level marketing ventures
- Businesses that are strictly conducted online
Application forms are still being finalized and the program will be launched with all details early next week. Information will be available at southlakefutures.ca.
Recognizing the COVID-19 Pandemic will have a long-term impact on the economy, the Town is also considering modifications to the existing Development Application Rebate program and the Community Improvement Plan grant program in order to support recovery efforts.
For the latest information and updates on municipal operations, cancellations and closures, visit georgina.ca/COVID-19.