Rate Drop Rebate
What is the Rate Drop rebate?
Rate Drop Rebate is a Government of Ontario financial service product that helps business owners prosper and grow by offering them loan or line of credit rebates, and free, effective recruitment services.
Through Rate Drop Rebate, business owners can receive a cash back rebate that’s worth up to four percent off the interest rate on their term loan, or, up to two years interest free on their line of credit.
Who is it for?
Rate Drop Rebate is for business owners in the City of London or Middlesex County who have a term loan or line of credit and will be hiring for entry-level positions between now and October 31, 2017.
How does it work?
Business owners register online at ratedroprebate.com and share staffing requirements with a Recruitment Liaison, who will be the key contact throughout the process. Business owners are then provided with job candidates sourced from local employment service provider partners.
All of the candidates are individuals who often face unfair disadvantages when looking for work, like new Canadians, youth with limited experience, or people with disabilities. Every single candidate put forward for a position will be thoroughly screened to make sure he or she is qualified to fulfill the requirements of the job, and is the right fit for the company.
If you hire an employee through Rate Drop Rebate and retain him or her for at least six months, you will receive a cash back rebate equivalent to: a one percent reduction in the interest rate on your term loan, or, the actual interest paid over six months on your line of credit. For loans, the rebate amount is calculated retroactively over the full term of the loan, regardless of where you are is in your term.
Business owners can also build up their rebate amounts with a maximum of four new hires. This means you can get up to four percent off the interest rate on a term loan, or, up to two years interest-free on a line of credit.
Visit www.ratedroprebate.com for full program details.