Small businesses in Sask. struggling as not many were able to pay back their CEBA loans [Video]

Small businesses across Saskatchewan are struggling, according to the Canadian Federation of Independent Businesses (CFIB).

The CFIB reports that only half of Saskatchewan’s independent businesses were able to pay back their Canada Emergency Business Account (CEBA) loans.

“We had 20 percent pay by refinancing with their bank, so they took out a loan to pay off their loan, and some of them are facing viciously-high interest rates of 8, 9, 10 per cent, and the rest didn’t mean the deadline,” said Brianna Solberg, CFIB provincial affairs director.

Janis Procyk, owner of Brick + Mortar, announced the closure of the clothing and gift boutique as of Feb. 26. She decided to close her shop in January.

“We are still alive because of those loans, and we had the opportunity to fight. It’s just so many things changed after the fact and normal didn’t return,” said Procyk. “That’s what happened, it’s just got more and more stressful, and …