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The Lake of the Woods Business Incentive Corporation says it’s been busy over the last few years despite COVID.
Ryan Reynard is executive director and says while they haven’t be making their usual loans, they have still been helping out local businesses.
“Its been extremely busy for us,” confirms Reynard.
“We assisted the federal government and FedNor with rolling out the regional Regional Relief and Recovery Fund, the RRRF, which was similar to the CEBA (Canada Emergency Business Account) loans banks did. We also doubled our client base through the COVID times. So it’s been very challenging.”
Reynard adds things started to pick up last year and noticed an increase in their lending portfolio in 2022.
“During the COVID years we didn’t see a lot of our traditional lending that we’ve had in the past. But in 2022, we saw that number jump back up again. So we assisted 19 clients with approximately $1.3 million in loans, which is fantastic.”
LOWBIC released the figures at its Annual General Meeting Friday afternoon.