The partnership between the District and Muskoka Futures through the Muskoka Business Recovery Fund was a critical response during the pandemic, ensuring important local jobs were maintained. Recognizing that many businesses in Muskoka were unable to access various relief programs, the District provided a $750,000 loan to Muskoka Futures. Futures then leveraged the District’s investment to create a $5.4M relief loan fund, the largest program offered by any Community Futures organization in the Province.
“The unique partnership between Muskoka Futures and the District was critical to the program’s success,” said John Klinck, District Chair. “Working with our local Chambers of Commerce and Muskoka Futures we recognized how hard the pandemic was going to be on local businesses and acted quickly and collectively to put additional resources in place to help businesses through these unprecedented times.”
The Muskoka Business Recovery Fund was established at the outset of the pandemic to provide financial relief to businesses in Muskoka, targeting smaller businesses that were not eligible for many federal support programs.
Key Results of the Recovery
- Number of Loans Disbursed – 148
- Value of Disbursed Loans – $5,379,000
- Average Loan Amount – $36,345
- Job Impact – 773 jobs maintained
- MBRF closed for applications as of June 30, 2021
- Muskoka Futures is now in a position to repay the District loan of $750,000 in full
“Muskoka Futures is proud that we were able to put in place substantial resources to help local businesses through a very difficult time. The response from the business community was overwhelmingly positive as we processed applications and put funding in the hands of businesses quickly. We are extremely proud of the resilience shown by our local businesses as we continue to see recovery. There are very positive signs that these loans helped businesses stabilize and then adapt to new models, positioning them for the future.”
Learn more about the program’s success here – https://bit.ly/3PRE8V0 & https://bit.ly/3Bl8vzb
While the last few months have seen recovery from the worst of the pandemic, Muskoka Futures and the District understand that post-pandemic recovery, inflation and the potential of a recession are weighing on business owners’ minds, continuing to create challenges. They encourage any business to reach out to Muskoka Futures to explore the programs and services available to help them.
Muskoka Futures is a local not-for-profit organization that supports businesses with investment and advice to create successful businesses in our community. If you are looking for investment regardless of stage or size, reach out to Muskoka Futures to see how they can help. The goal is to encourage and empower entrepreneurs to succeed by offering flexible investments, along with advice that is unique to each business’s individual needs.
