Canadian tech sector calls for emergency government-backed bank loans to stave off small business bankruptcies [Toronto Globe and Mail (Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
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Source: Toronto Globe and Mail
Canada’s technology sector is at risk of widespread decimation due to the new coronavirus pandemic’s effects on the economy and is in need of an emergency cash infusion, according to an innovation-industry trade group. John Ruffolo, vice-chairman of the Council of Canadian Innovators (CCI) lobby group and former CEO of the Ontario Municipal Employees Retirement System’s venture-capital arm, is urging the government and big banks to rapidly craft a $1-billion stimulus program for small and medium-sized businesses (SMBs). The idea is to have financial institutions immediately provide forgivable zero or low-interest loans to their SMB clients to tide them over for the next six months, he said Thursday. Story continues below advertisement The CCI’s proposal would see banks skip their normal loan-adjudication process to get cash out the door within days to help their existing SMB clients – including many technology startups – continue paying their employees and bills until the worst effect
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