Small and medium-sized businesses in Montreal will soon be able to apply for low-interest loans under a new program. The federal and provincial governments announced $50 million in funding on Monday to provide Montreal businesses with loans and grants to help cope with the economic fallout brought on by COVID-19. The funds will be administered by PME MTL, a network of non-profits that provide financing and other services to small and medium-sized business in Montreal. With this new federal budget, small and medium-sized businesses that are ineligible for other federal aid programs are invited to apply for loans of up to $40,000. With this financial aid, Quebec Economy Minister Pierre Fitzgibbon believes the majority of Montreal businesses will be able to stay afloat.

Source: CBC News June 08, 2020 18:22 UTC