Oxford Economic Stimulus Fund: Access to Capital Stream
A fund that invests in the re-start of the Oxford Economy in the aftermath of COVID-19 by providing access to capital loans and community economic development grants within the community.
Oxford County Council approved funding for the Oxford Economic Stimulus Fund, a program designed to help local small and medium-sized businesses, not-for-profit groups, and business support organizations recover from the effects of the COVID-19 pandemic.
Administered by Community Futures Oxford in collaboration with Oxford Connection, the Oxford Economic Stimulus Fund will provide local businesses with flexible loans to restart businesses closed during the pandemic, revitalize downtown cores, support tourism and hospitality operators and more.
Non-profit and community organizations are eligible for grants to support economic development, for instance, by creating and maintaining jobs, or complementing other funding sources to make local projects viable.
A total of $1.5 million will be distributed through the fund, $1 million from Oxford County and $0.5 million from Community Futures Oxford. Up to 10% of the original principal of the loan made to businesses may be forgiven if repayment is made within two years.
Applications to the fund open May 20 and will be accepted until December 31, 2020.
Successful applicants will receive business financing up to $100,000 for working capital through a repayable loan from Community Futures Oxford.
The loan will consist of:
- Up to a 5-year term and will be amortized over 5 to 10 years with an interest rate of Prime + 2%.
- Special terms and conditions such as 6 months of no interest and no payments, then 18 months of interest only.
- 10% of the loan is forgiven if paid back in 2 years.
- Credit applications will be evaluated according to the business proposal, cash flow forecasts and security available.
How to apply: