Cabot Links golf resort; photo courtesy Cabot Links
A large local tourism operator is receiving a multi-million-dollar loan guarantee.
Reps with Cabot Links in Inverness can access as much as $14.25 million through the Tourism Sector Financing Assistance Program.
The program, which was announced in October, provides a standby letter of credit operators can use to secure loans; the goal is to help rebuild one of the sectors hit hard by COVID-19.
The Nova Scotia COVID-19 Response Council fund will guarantee as much as 95 per cent of the amount borrowed; the amount of debt can’t exceed $15 million per operator, while the interest rate can’t exceed the prime lending rate plus 1.5 per cent.
Support for Large Tourism Operators
April 19, 2021 - 2:59 PM
Three Nova Scotia tourism operators that serve as anchors for the sector will be able to access lower-cost financing through the Tourism Sector Financing Assistance Program.
Ambassatours Gray Line and Murphy’s on the Water, Cabot Links and Coach Atlantic have signed on to the program, announced in October 2020 to help rebuild one of the sectors hardest hit by the COVID-19 global pandemic.
The program provides a standby letter of credit that operators use to secure loans. Up to almost $35 million in borrowing has been approved for these operators through their financial institutions.