May 13, 2020
County Council approves stimulus fund for local businesses and agencies
Oxford Economic Stimulus Fund to distribute $1.5 million in funding to help local economy recover from effects of COVID-19
Oxford County Council approved funding today for the Oxford Economic Stimulus Fund, a program designed to help local small and medium-sized businesses, not-for-profit groups, and business support organizations recover from the effects of the COVID-19 pandemic.
Administered by Community Futures Oxford in collaboration with Oxford Connection, the Oxford Economic Stimulus Fund will provide local businesses with flexible loans to restart businesses closed during the pandemic, revitalize downtown cores, support tourism and hospitality operators and more.
Non-profit and community organizations are eligible for grants to support economic development, for instance, by creating and maintaining jobs, or complementing other funding sources to make local projects viable.
A total of $1.5 million will be distributed through the fund, $1 million from Oxford County and $0.5 million from Community Futures Oxford. Up to 10% of the original principal of the loan made to businesses may be forgiven if repayment is made within two years.
Applications to the fund open May 20 and will be accepted until December 31, 2020. For more information and to download the funding guidelines and application, visit www.cfoxford.ca.
Larry Martin, Warden, Oxford County
“The County recognizes that our local economy needs support if it is to recover from the many effects of COVID-19. Partnering with Community Futures Oxford and Oxford Connection to help businesses take the first steps to recovery will pay dividends in jobs, economic activity, and the overall health and wellbeing of our community.”
Allan Simm, General Manager, Community Futures Oxford
“It is vital that we take an active role in supporting small business through these times and help drive them on the road to recovery, in particular the many small businesses that have been mandated to close during the pandemic. The Oxford Economic Stimulus Fund takes a responsive, time-sensitive approach to economic recovery to meet the unique needs of our local businesses and agencies.”
About Oxford County
Located in the heart of southwestern Ontario at the crossroads of Highways 401 and 403, Oxford County has a population of approximately 121,000 people across eight area municipalities that are “growing stronger together.” The County is operates as a partnership-oriented, two-tier municipal government that is emerging as a leader in sustainable growth through the Future Oxford Community Sustainability Plan. Visit www.oxfordcounty.ca or follow our social media sites at www.oxfordcounty.ca/social.
About Community Futures Oxford
Community Futures Oxford is an independent, not-for-profit corporation committed to entrepreneurship and economic development in Oxford County. It is one of 60 Community Futures Development Corporations in Ontario and 269 across Canada. Its mission is to create and preserve jobs throughout Oxford County by supporting small business development, entrepreneurship and skills training, and by fostering community economic development. Visit www.cfoxford.ca for more information.
About Oxford Connection
Oxford Connection is a partnership among the economic development agencies of Woodstock, Ingersoll, Tillsonburg and Rural Oxford. It serves as a first point-of-contact for companies looking to locate or expand into southwestern Ontario’s manufacturing heartland. For more information visit www.oxfordconnection.ca
Allan Simm | Community Futures Oxford
519.425.0401, ext. 23 | email@example.com
Tommasina Conte | Strategic Communication & Engagement
519.539.9800, ext. 3503 | firstname.lastname@example.org