Maximum loans will be fully guaranteed by the Government of Newfoundland and Labrador and will have a repayment term of up to 10 years.
Government has launched a new program targeted toward businesses operating full-service restaurants that require emergency debt restructuring to protect long-term operation. The Restaurant Loan Guarantee Program will offer loan guarantees up to $100,000 to financial institutions that lend to qualifying businesses. Maximum loans will be fully guaranteed by the Government of Newfoundland and Labrador and will have a repayment term of up to 10 years. Interested businesses must submit an application within 90 days that demonstrates their eligibility for the program and provides a proposal for debt restructuring. Applications will be reviewed on a first-come, first-served basis or until $10 million in guarantees have been issued, whichever comes first. More information can be found at gov.nl.ca.
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