A total of 18 businesses applied for financial support through the Brock Emergency Response Benefit.
Applications for the municipal funding program – introduced to ease the impact of the COVID-19 pandemic on local businesses – were accepted by the South Lake Community Futures for a two-week period earlier this month.
Council set aside $150,000 for the initiative, with the applications received thus far totalling $86,000.
While there is a sizable surplus, members of council opted to wait until the applications are reviewed before offering a second intake under broader criteria (see below) or recouping the remainder.
Some members of council are considering the possibility of allowing non-profit organizations, such as Legion branches, apply for assistance as well.
Under the terms approved by council, businesses eligible for the funding must:
– be located in Brock;
– be a registered business (sole proprietorship, partnership or corporation where the applicant is the major shareholder);
– demonstrate a 30 per cent loss of revenue;
– have a 2018 tax filing information complete; and,
– demonstrate the ability to maintain operations for six months, prior to COVID-19 pandemic.
The funding is not open to corporately-owned franchises, distributorships, not-for-profit or charitable organizations, multi-level marketing ventures and businesses that are strictly conducted online.