On March 27, 2020 Crombie announced the launch of the Crombie Values Small Business Program, a program to offer relief to qualifying small business tenants impacted by the COVID-19 pandemic.
Crombie’s small business support program includes relief that defers rent to assist small businesses during this unprecedented time. Effective as early as April 1, 2020, small businesses within Crombie’s portfolio that demonstrate a need for assistance may qualify to defer a portion or all of their rent for two months. Tenants who have requested relief will promptly receive a letter outlining program details and eligibility requirements. Inquiries should be sent to CVSB@crombie.ca.
“Canadians from coast to coast are doing what we need to do to ‘flatten the curve’ of this pandemic,” says Don Clow, President and CEO of Crombie. “Crombie is fortunate that approximately 75% of our portfolio is comprised of grocery, drugstore, government, and other high credit tenants. We’re aware that small business owners are facing difficult times, and many of our tenants are facing substantial losses in revenue. For some small business owners, these losses threaten their sustainability. We want to help these business owners, many of whom have recently found themselves in the heartbreaking position of locking their doors and laying off their staff. We are pleased to offer this program in support of qualifying small businesses and will continue to discuss how we can support them as we move forward together. This is the right thing to do for our tenants, for Crombie, and for our communities.”
The government of Canada has created the Canada Emergency Commercial Rent Assistance (CECRA) Program, and recently announced further details on the program, providing clarity around some of the program design details that were previously lacking. Crombie will participate in the CECRA program. As CMHC finalizes the various forms and application details that they will require, we will begin reviewing the eligibility of our tenants, working closely with each qualifying tenant to gather the information required by CMHC to enroll them in the CECRA program.
Questions about the CVSB Program or CECRA can be directed to our team at CVSB@crombie.ca.