GoodLife Fitness has received a $ 310 million loan from the federal government.
Funding comes from Canada Enterprise Emergency Funding Corporation (CEEFC) and is part of the Large Employer Emergency Financing Facility (LEEFF).
The LEEFF makes loans to Canada’s largest employers whose “needs will not be met by private market finance during the pandemic”.
“It gives major Canadian employers access to credit to keep jobs and to continue operations during this difficult time,” said a statement from the CEEFC.
GoodLife is Canada’s largest group of health club chains and the fourth largest in the world. The company has nearly 500 clubs across the country and over 10,000 employees. The GoodLife umbrella includes GoodLife Fitness, Fit4Less and ÉconoFitness.
The LEEFF is open to major Canadian employers who support a significant workforce or operations in Canada, or have annual sales of approximately $ 300 million or more.
Other companies that have been approved for the loan under this program are Gateway Casinos & Entertainment, Conuma Resources, and Sunwing Vacations.
Daily Hive contacted GoodLife Fitness for additional comments.