Ontario’s B2B owners can benefit from a new program aiming to generate employment opportunities.
The Ontario Ministry of Economic Development, Employment and Infrastructure has partnered with financial institutions to launch the Rate Drop Rebate pilot, which is looking to create 1,100 new employment opportunities for students, long-term unemployed, older unemployed, people with disabilities, newcomers to Canada and Indigenous persons, who typically face unfair disadvantage when seeking jobs.
To be piloted in Hamilton, London and Ottawa – each with thousands of small businesses – the program will be offered through Alterna Savings, CIBC, First Ontario Credit Union, Libro Credit Union and Meridian. Business owners who hire qualified employees will be offered a lower the interest rate on their business loans or lines of credit and provided free assistance with hiring.
For every new employee hired through Rate Drop Rebate and retained for a minimum of six months, owners will receive a cash back rebate equivalent to a one per cent reduction in the interest rate on their term loan up to a maximum of four per cent, or the actual interest paid over six months on the business’s line of credit up to a maximum of two years interest-free.
To qualify, business owners must run a for-profit business with a physical address in Hamilton, London, or Ottawa, have or need a term loan or line of credit and be currently hiring or have an anticipated need for an entry-level position with a minimum of 20 working hours per week.
Business owners can find out more at www.ratedroprebate.com.
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