Cabot Links golf resort; photo courtesy Cabot Links
A large local tourism operator is receiving a multi-million-dollar loan guarantee.
Reps with Cabot Links in Inverness can access as much as $14.25 million through the Tourism Sector Financing Assistance Program.
The program, which was announced in October, provides a standby letter of credit operators can use to secure loans; the goal is to help rebuild one of the sectors hit hard by COVID-19.
The Nova Scotia COVID-19 Response Council fund will guarantee as much as 95 per cent of the amount borrowed; the amount of debt can’t exceed $15 million per operator, while the interest rate can’t exceed the prime lending rate plus 1.5 per cent.
Cabot, Ambassatours Gray Line and Murphy’s on the Water, and Coach Atlantic were the three operators to make it through the entire process.
In a release, Dennis Campbell, the CEO of Ambassatours Gray Line and Murphy’s on the Water, says he’s willing to bet his career and reputation the program will not cost taxpayers one dollar.
Campbell says the companies chosen were pre-COVID strong, and were meticulously vetted, and they will not fail, which means zero cost to the people of the province, and significant benefit over time.
