The CGA continues to actively communicate with governments at the provincial and federal levels to advocate for our industry and ensure that support for employees and business are available. We have have been cooperating with many of the provincial gaming associations across the country and have begun to build alliances with other national and provincial associations in the hospitality industry to ensure the gaming industry is part of the support and recovery assistance for the broader hospitality sector.
Business Development Bank of Canada COVID-19 Loans
Earlier this week the Federal government announced a $10-billion loan program for businesses that will flow through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC), working alongside Canada’s mainstream financial institutions.
Casinos were initially excluded from these loans, as according to BDC, they are not “consistent with generally accepted community standards of conduct and propriety”.
The CGA immediately reached out to the Hon. Mary Ng, Minister of Small Business, Export Promotion and International Trade, to advocate for our industry. We spoke with the Minister’s office and her staff is working to address the issue issue, and we expect full resolution shortly. In the meantime, they recommended that companies interested in accessing credit facilities with BDC contact their financial institutions and apply. Same goes for EDC’s $65-billion federal Business Credit Availability Program (BCAP).
Applications details will be made available in the weeks to come on financial institutions’ websites.
The Canadian Chamber of Commerce is launching the Canadian Business Resilience Network where you’ll find the latest information, tools and resources businesses need to make it through the COVID-19 pandemic.
The website contains extensive information for businesses, including:
Direct Financial Support to Businesses and Workers
Access to Capital
Additional Financial Assistance for Canadians
Public Sector Programs by Region
Private Sector Supports
Please check it out, the resources are there to help.
Government of Canada information on credit facilities and support fo businesses is available here.
The CGA is here to assist our members and industry colleagues during these difficult times. Pease contact us at [email protected] if we can be of help. We hope everyone is healthy and safe. Wash your hands, don’t touch your face, and practice physical distancing.