COVID-19 Impact Virtual Business Session

This virtual business session was held on Thursday, May 7th, 2020, following a survey conducted by Community Futures Nicola Valley, the City of Merritt and the Merritt & District Chamber of Commerce,  to discuss the current impact of COVID-19 in the area.

 

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In recent days we’ve all been consumed with news on the COVID-19 pandemic, and how it’s affecting our health, our families, our small businesses and our communities across the province.

During this time, it is critical that we understand the economic impacts you anticipate in the weeks and months ahead, and how government and related agencies can support the Nicola Valley businesses to ensure they stay viable. As a result, Community Futures Nicola Valley in partnership with the City of Merritt and the Merritt & District Chamber of Commerce conducted the COVID-19 Impact Business Survey to determine how our local business have been affected.

Community Futures has prepared the following summary report for you.

These insights have been shared with the City of Merritt, the Merritt & District Chamber of Commerce and the local business community.

Thanks again for your support and assistance with this important data collection initiative - we greatly appreciate it!

 

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Options for Community Futures Nicola Valley Loan Clients

We know the measures being implemented by the federal government to stop the spread of COVID-19 are having a serious impact on small business owners in the Nicola Valley, as people are self-isolating and avoiding gathering places. To support our loan clients during this period of uncertainty, Community Futures Nicola Valley is making the following options available, upon request and demonstration of need:

1) Existing loan clients

You will have the following two options to help you with your cash flow:

Option 1: Existing loan clients may request a 3-month “Skip payment”. With this option, we will skip your monthly principal payments in April, May and June. Those skipped principal payments can be made up anytime during the remaining term of the loan. CFNV will re-evaluate this situation at the end of the three months. If needed, an extension might be considered.

Option 2: Existing loan clients may request a 3-month interest payment only. With this option, client will pay interest only for the months of April, May and June. CFNV will re-evaluate this situation at the end of the three months. If needed, an extension might be considered.

 

2) New & existing loan clients

New and existing clients may take advantage of the COVID-19 Loan Program for Small Business Emergency Response Application. This program provides financial support to businesses that have not been able to operate or have operated at a reduced level for more than 5 days due to the emergency situation. Financing is provided in the form of a repayable loan with relaxed terms and interest rates for up to $20,000.00


 

Please contact our Business Analyst if you would like to take advantage of these options.

 

Understanding Your Equifax Consumer Credit Report

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Community Futures Nicola Valley in partnership with Michael Sumbler, the Manager of Global Business Services for Equifax Canada, will be delivering this seminar "Understanding Your Equifax Consumer Credit Report". Michael Sumbler will be delivering this session via video conference.

Have you checked your beacon score lately? Do you know the difference between a soft hit vs a hard hit and their impact in your credit score? To answer these and more questions, join us on March 4th, 2020 at 6pm at the Civic Centre.

Thanks to an exciting new sponsorship with Boyd Autobody & Glass, Community Futures will now be able to offer this event free of charge!

You can make your reservation at: https://www.eventbrite.ca/e/understanding-your-equifax-consumer-credit-report-tickets-93536571403

This session will:

a)    Provide participants with a better understanding of what is contained in a Consumer Credit File;

b)    Equip participants with the knowledge to better interpret credit files,

c)    Help participants make better credit decisions to increase their credit score;

What is specifically covered:

  • Fast facts about Equifax;
  • Our search logic;
  • The different sections and fields of the credit file;
  • Portfolio Types and Ratings;
  • Consumer Retention and Purge Rules;
  • Scores and Score Characteristics, and much more.

We look forward to seeing you there!