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.
Large tourism operators in Nova Scotia get $35 million in loan support
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Large tourism operators in Nova Scotia get $35 million in loan support
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Large tourism operators in Nova Scotia get $35 million in loan support
by The Canadian Press
Last Updated Apr 19, 2021 at 4:58 pm EDT
Finance Minister Labi Kousoulis heads to the legislature to table the Nova Scotia budget in Halifax on Thursday, March 25, 2021. THE CANADIAN PRESS/Andrew Vaughan
HALIFAX The Nova Scotia government says it guaranteed nearly $35 million in loans to major tourism operators in the province struggling with the COVID-19 pandemic.
Announced last October, the Tourism Sector Financing Assistance Program provides eligible resort and tour operators access to low-cost debt financing such as lines of credit or term loans issued by a chartered bank.
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.