File photo

File photo

Kootenay Boundary investment co-op offering micro-loans for small and medium sized businesses

West Kootenay Boundary Community Cooperative partnering with KAST to deliver $1000 to $3500 loans

Submitted by West Kootenay Boundary Community Investment Cooperative

The West Kootenay Boundary Community Investment Cooperative (WKBCIC) recently announced a six-month pilot project of a micro-loan fund to assist small and medium sized enterprises. WKBCIC has earmarked $30,000 to be made available for individual micro-loans ranging from $1,000 to $3,500.

Rounding out the Micro-loan Fund Pilot Project, the WKBCIC will collaborate with KAST (Kootenay Association for Science and Technology) by filling the gap of providing a micro-loan opportunity to clients of the new Digital Economy: Rapid Response & Resiliency (DER3) program being administered by KAST in partnership with Innovate BC and Western Economic Diversification.

“Today’s launch of the Micro-loan Fund Pilot Project and the collaboration with KAST will help small and medium-sized businesses compete during these unprecedented times,” said Erika Krest of the West Kootenay Boundary Community Investment Co-op.

RELATED: B.C. offers $7,500 grants for small business online sales help

“This not only enables us to bridge the gap by providing loan opportunities to help round out the DER3 program administered by KAST, but we are also pleased to know that we are helping to grow or expand businesses’ online presence, enabling them to become more efficient, competitive and resilient in their own economic recovery efforts.”

“It has been a privilege for KAST to provide support to Kootenay businesses dealing with challenges brought about by COVID-19,” said Sean Smillie, Executive Director of KAST. “Partnering with the WKBCIC not only adds a vital funding opportunity into the DER3 process for our clients, but further showcases how local support and collaboration will keep the West Kootenays thriving.”

The DER3 is a no cost or obligation program designed to help small to medium sized businesses in the Kootenays adapt to COVID-19 and enter or expand into the digital economy. The DER3 program currently provides all components to help businesses and entrepreneurs, except for the funds needed by a business to hire a digital service provider (if one is needed) to perform the work outlined by the DER3 team. The WKBCIC will provide micro-loans to businesses and entrepreneurs to bridge this gap.

Businesses in the West Kootenay region who want to learn more about the DER3 program should visit www.kast.com/der3/. DER3 clients will be able to apply to the fund as part of the DER3 program.

The WKBCIC is a for-profit co-operative association registered in British Columbia. WKBCIC is member-owned, locally controlled and governed by a volunteer board of directors. The co-op finances businesses located in the West Kootenay Boundary regions and the surrounding communities of Grand Forks-Boundary, Trail, Rossland, Nelson, Castlegar, Slocan, and Arrow and Upper Kootenay Lakes.



betsy.kline@castlegarnews.com

Like us on Facebook and follow us on Twitter

economykootenayLoans

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

RCMP. (Phil McLachlan/Capital News)
Image: Rendering of proposed Beaver Siding Train Station/Museum courtesy the RDKB
Virtual town hall coming up for Beaver Valley

Visit the RDKB homepage for details and a link to join the Zoom conversation

Image: Fraser Institute
Prime Ministers and government spending: 2021 Edition

“There are two primary measures to gauge the size of government.”

Image: Arrow Lakes Historical Society
Historic Kootenay hot springs

The hot springs is running with reduced operations to meet government COVID-19 protocols

The 1100-block of Pine Avenue in downtown Trail is closed to traffic this week as crews from Seko Construction install water and sewer service connections for the new gas station slated to open this summer. Photo: Sheri Regnier
Traffic change in downtown Trail this week

The 1100-block of Pine Avenue is closed to vehicles

St. Joseph School Grade 2 student Zoey Kenny watches as Christopher Yates shows her how to string a new drum using hide from his own cows. Photo: Tyler Harper
VIDEO: With good intentions, Nelson school builds Métis drum

The St. Joseph School project is directed by parent Christopher Yates

Dr. Bonnie Henry gives her daily media briefing regarding Covid-19 for the province of British Columbia in Victoria, B.C, Monday, December 7, 2020. THE CANADIAN PRESS/Jonathan Hayward
B.C. urges people to stay in their neighbourhoods, discourages out-of-household meet-ups

Dr. Bonnie Henry says there should be no travel, even to the next city over

Dr. E. Kwok administers a COVID-19 vaccine to a recipient at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
Most Canadians plan to get COVID-19 vaccine, but safety fears drive hesitancy: poll

This comes as confidence in governments is plummeting in provinces being hit hardest by the pandemic

Marathon of Hope runner Terry Fox is shown in a 1981. (THE CANADIAN PRESS/CP)
Terry Fox’s legacy of resilience resonates during COVID-19 crisis, says brother

Fred Fox said his brother’s legacy of resilience has taken on renewed resonance as COVID-19 rages on

A youth was arrested following a car crash on Wallace Street on Saturday, April 10. (Karl Yu/News Bulletin)
Onlookers laugh and jeer as B.C. teen beaten, then forced to strip and walk home

Police arrest older teen, call video shared on social media ‘disturbing’

A lady wears a sticker given out after receiving a COVID-19 vaccine at a clinic in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS
B.C.’s COVID-19 case count slows after last week’s peak

3,219 new cases since Friday, 18 additional deaths

North Cowichan councillor Tek Manhas did not violate the municipality’s code of conduct by posting a sexist meme on Facebook, council concludes. (File photo)
B.C. municipality to take no action against councillor who posted sexist meme

Tek Manhas’s meme doesn’t violate North Cowichan council’s code of conduct, municipality concludes

—Image: contributed
Indoor wine tastings still allowed in B.C., not considered a ‘social gathering’

“Tasting is really just part of the retail experience. The analogy I use is you wouldn’t buy a pair of pants without trying them on.”

A sign on a shop window indicates the store is closed in Ottawa, Monday March 23, 2020. The Canadian Federation of Independent Business is raising its estimate for the number of businesses that are considering the possibility of closing permanently. THE CANADIAN PRESS/Adrian Wyld
Small business struggling amid COVID-19 pandemic looks for aid in Liberals’ budget

President Dan Kelly said it is crucial to maintain programs to help businesses to the other side of the pandemic

Most Read