WHITEHORSE—The Yukon Venture Loan Guarantee Program is being updated to reflect current interest rates and help more businesses obtain commercial loans.
The Yukon Venture Loan Guarantee Program helps Yukon businesses secure commercial financing by guaranteeing a portion of a loan offered by a lending institution. On a default by the business, the Government of Yukon repays 65 per cent of the outstanding principle amount of the loan. The maximum guarantee per loan is $100,000 and the maximum exposure over all loans at any one time is $3 million.
The Yukon Venture Loan Guarantee Program is one of several programs offered by the Department of Economic Development to support small business. The program supports start-up or expansions of businesses with gross revenues under $5 million and fewer than 100 employees.