Loan program available to N.S. municipalities
A new operating loan program is being introduced to help municipalities with financial losses due to COVID-19.
A release says the $380 million loan program, developed in collaboration with the Nova Scotia Federation of Municipalities and the Association of Municipal Administrators, will be available through the Municipal Finance Corporation.
The province says municipalities interested in a loan will first need to determine their revenue shortfall, with municipal council required to pass a resolution and submit it to the Department of Municipal Affairs and Housing.
After approval from the province and the Nova Scotia Municipal Finance Corporation, funds will de dispersed within 24 hours.
The release states municipalities will have six months to begin repayment, and loans must be fully repaid within 36 months.