Dear TIAO members,
TIAO has been made aware of some worrying practices being demonstrated by some banks in relation to ongoing financing with tourism businesses who continue to suffer from reduced revenues and increasing costs. We’ve been informed of some banks foreclosing on loans and pushing some tourism businesses into receivership or into taking new mortgages against personal collateral to pay existing loans.
Last week, in partnership with our colleagues at the Ontario Motor Coach Association, we sent out a short survey to determine the extent of this worrying trend. We thank all of our members who have already filled out the survey and provided us with valuable information.
If you have not already filled out the survey, please complete it here.
Any information that you’re able to share with us will not only assist us in addressing these unacceptable practices, but will also give us an important snapshot of the true economic state of tourism businesses in Ontario.
The TIAO Team