HAMILTON, Ont. — BarterPay, a social-profit enterprise that helps businesses across Canada acquire the products and services they need without having to use cash, announced a grant program last week that will distribute $5,000,000 in value to independent restaurants across Ontario to help them recover from the COVID-19 pandemic.
BarterPay has teamed up with one of its national partners, Restaurants Canada, to help promote this new program.
“In an industry where the average pre-tax profit margin is only 4.2 per cent, restaurateurs are continuously looking for ways to improve the bottom line,” says Christopher Barry, director of Membership, Restaurants Canada. “This $5 million grant program could not have come at a better time as the pandemic has caused unprecedented cash-flow challenges for operators across Canada. We’re glad this program is now available to give them a much-needed boost.”
Upon opening an account, BarterPay will advertise the restaurant’s gift cards out to the network for Barter Credits at face value. Once the restaurant earns 1,000 Barter Credits, typically within the first two weeks, BarterPay will match it with an additional 1,000 Barter Credits for operators to utilize back within the BarterPay ecosystem to offset some costs. They can redeem for anything on the system, such as PPE, printing, advertising, employee gifts, construction, signage, web design, social-media management, draft-line services and so much more.
“Our team is standing by to help as many restaurants as possible,” says John Porter, founder and CEO of BarterPay. “Currently we’re offering the grants to Ontario-based independent restaurants, but we plan on expanding it across Canada in the coming months.”
Get all the details to enroll and qualify for the grant program at restaurants.barterpay.ca.