GoodLife to receive loan of over $300 million from federal government

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Published February 7, 2021 at 12:12 pm

The ongoing pandemic has proven difficult for gyms and fitness centres, including the bigger ones, as many continue to stay home as much as possible at the request of public health.

To stay afloat, well-known health and fitness chain GoodLife will be receiving a hefty loan of $310 million from the federal government.

GoodLife is one of the largest fitness clubs in the country, reportedly employing 10,200 people across Canada.

The Canada Enterprise Emergency Funding Corp. (CEEFC) recently announced that GoodLife would be getting access to $310 million of liquidity under the Large Employer Emergency Financing Facility (LEEFF) in an attempt to protect jobs.

The LEEFF loans aims to provide bridge financing to Canada’s largest employers whose needs during the pandemic are not being met through private market financing.

“It provides large Canadian employers with access to credit to preserve jobs and continue operations during this challenging period,” the CEEFC said.

“Other applications for LEEFF financing are currently under consideration. To protect the financial interests of taxpayers, rigorous due diligence and the collaboration of existing lenders is required.”

GoodLife is listed as the fourth Canadian employer to get an approved LEEFF loan.

All approved LEEFF loans are listed at the CEEFC’s website.

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