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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.
Nova Scotia announces $35M in loan guarantees for 3 large tourism operators
The announcement Monday follows the creation of the loan guarantee program last October. When it was announced, government officials said it could be worth as much as $50M for up to 11 companies.
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