Four business experts took part in Monday night's televised and livestreamed COVID-19 City of Elliot Lake virtual town hall meeting.
Acting as moderator, Mayor Dan Marchisella said it's become clear that business interests need access to expert advice to help them navigate some of the challenges they are facing in the post-COVID-19 world.
ELNOS Manager William Elliott said changing government policies and regulations mean funding agencies like the ELNOS Corporation for Business Development have to be nimble to keep up with all the changes. He repeatedly asked viewers to call him at 705-848-0229, ext. 237 with their questions.
"With the rules and regulations changing, so often we were really trying to be agile and see where we fit with that for the business community," he said. "We really want them to get the best deal but it's important to make sure that the programs that they're accessing make the most sense for them, that they're going to provide them the best benefit or the best opportunity to bring back employees and to retain employees to retain the business for a longer period."
Shawn Heard of the East Algoma Community Development Corporation, a not-for-profit federal funding agency, told viewers that CDC Loans Officer Bill Goulding is available at 705-849-9837 to answer questions and offer advice to business interests.
"When you're weathering this crisis, talk to your financial institution. They can help," Heard advised. "As well, come talk to us. We're designed as the federal stop gap in order to make sure that businesses that don't qualify for bank loans are going to be able to get some relief at the same time, on fairly similar terms."
Robert Sjonnesen, Northern Development Advisor of Energy Northern Development and Mines, told the viewers, "We have a lot of different activities going on. I'll start off with the Business Expansion Program. And, basically, for those in primary sectors are things like mining, manufacturing and tourism. They are not retail and they're not wholesale. So for most of our programs, we don't have much in the way of programs that support retail and wholesale and of course that's unfortunate."
He told viewers he has access to some 94 federal and provincial programs, noting, "The Business Expansion Program will provide up to a million dollars to expand your business. That includes costs for everything from building a new building to getting new equipment. We provide those funds at the rate of 50 per cent so basically if you got a project up to $2 million, you can apply to us for up to $1 million. Of that. $400,000 would be grant $600,000 would be a loan."
"What might be more interesting to people that don't have current businesses is the Small Business Startup Program. Under that you can access up to a $200,000 grant. And so there's no loan component to this one.
"They'll create a report for you, tell you whether it's something that may be worthwhile pursuing," Sjonnesen explained. "If it is worthwhile pursuing, there's a lot of costs involved and even not particularly unique. So we've got the Applied Research and Technology Development Program. That's kind of the next stage. And after that program, you can access up to $250,000, and that's with us paying 30 per cent of eligible costs. That's a grant.
"Now paying for such things as the intellectual property protection costs, we'll get into patented product testing, developing a prototype. So there's a lot of money available to help move that project along and make sure that your product is protected and nobody else is going to duplicate it on you.
"We're also developing new programs. At some point we'll be coming out with a new slate of programs and that's scheduled for the end of June. But we'll have to see how things are moving along," Sjonnesen added. "We may decide to extend the current programs for those, three to six months. The likelihood is that we will have programs that will still encourage you in developing your businesses.
"Certainly the sooner you can get an initial application and we can we can do a lot more follow up after your application, is important. Even if you don't have all the information, that's fine. Get the application and educate yourself on ways that we can help you with.
"The province has a number of different programs to benefit business, many of them happen whether you apply or not. Things like reducing your electricity cost during the day that's already been undertaken."
Representing the banking industry was Mike Tasse, community banking manager for RBC. He said much of his information could be equally applied to other lending institutions.
"You'll find some similar applications and different financial institutions in this community and surrounding, as well. We are still open for business so it's more or less treated like curbside business. But we do have a lot of other options as well," he said.
"There's been a lot of changes on the federal level to allow things such as investment runoffs and such. They've been really shaken through this pandemic and it's certainly allowing for more business to happen, possibly by video, which we do offer as your advisor."
Tasse continued, "We also have personal needs that must be met, which can be called on directly so telephone appointments are still available in the branches. And I speak to the broader community because I take care of all the stores of Elliot Lake plus in Espanola, and that gives me access to a lot of experts in the area.
"We're really well supported when it comes to commercial account managers and small business account managers. So, depending on the need, I certainly enjoy the conversation in being first point of contact. We can always connect you to the right services, but also from your home if you're already a client.
"I can speak to RBC, particularly. We do have digital business advisors that are at the ready to give you the advice. We also have a separate support line, which is the Business Client Support Center. I would certainly weigh in and say, it's never too early to start a conversation with your bank. Sometimes it's too late.
"I've been a banker for about 20 plus years. I can tell you that clients are coming in when all their options have been exhausted. That's making the job of the advisor very difficult. So I would encourage you who know those who are experiencing some of the changes or maybe you're forecasting even more tightening on your financials, to come to see us now.
"That's the most important piece. Then we can start that conversation, and then start seeing work or applying what we're seeing in the industry already," Tasse concluded.