Did you know that the federal government is providing short-term interest-bearing loans to large Canadian employers affected by COVID-19? The purpose of LEEFF is to help Canadian companies preserve employment, operations and investment activities.
Do you fit the criteria?
The funding is available to Canadian employers that fit the following criteria:
- Large company with approximately $300 million or more in annual revenues
- Have a significant impact on the Canadian economy, either by significant operations or supporting significant workforce in Canada
- Seeking a loan of $60 million or more, based on cash flow needs for the next 12 months
The organizations will be subject to the following affirmative covenants while the loan is outstanding:
- Publishing an annual climate‑related financial disclosure report, indicating how corporate governance, strategies, policies and practices will help manage climate-related risks and opportunities
- Contribute to achieving Canada’s commitments under the Paris Agreement of reducing GHG emissions by 30% below 2005 levels by 2030 and goal of net zero by 2050
- Protection of existing pension plans
- Commit to respect collective bargaining agreements
How to Apply?
In order to apply, companies should first register their interest by sending online enquiry form (HERE) to LEEFF-CUGE@cdev.gc.ca. Applicants will be contacted by both the Innovation, Science and Economic Development Canada and the Canada Enterprise Emergency Funding Corporation (CEEFC). The CEEFC will send a non-disclosure agreement, application form and further instructions. Currently there is no application deadline.
North Shore is here to help support your organization by assisting with your climate‑related financial disclosure report and assessing your climate-related risks and GHG emissions.
More information can be found on the Government of Canada website: https://www.cdev.gc.ca/home-ceefc/