Commercial Leases in Vancouver

Signing a commercial lease is a big step for your small business. A lot goes into this process and it is important that you have all of the necessary information before signing. Here are some important factors you should consider after you have found a property that you like.

Seek legal advice

A small business lawyer can assist you in many ways when it comes to starting up your small business and maintaining it. This is especially true when it comes to negotiating and drawing up contracts. A small business lawyer will not only get you the best deal possible, but he/she will also ensure the terms of the contract provide you and your business with protection.

Canadian small businesses will receive some rent relief during COVID-19

Prime Minister Trudeau announced on Thursday April 16, 2020 a new program to assist small businesses that are stuck in commercial lease agreements that they cannot make payments on.

The Canada Emergency Commercial Rent Assistance program (“CECRA”) will assist small businesses with rent for April, May and June.

Details on the CECRA program

The program will, according to a PM’s office press release “seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for April (retroactive), May, and June.”