Procter & Gamble is offering five-year, interest-free loans to ex-employees looking to start their own small business, according to a report published by The Recorder.

The US FMCG major has set aside US$1 million to fund the project, which is available for former employees looking to set up a business in the Thousand Islands area (US-Canadian border), where P&G’s local manufacturing facility has been earmarked for closure by 2020.

“The pending closure of the local Procter & Gamble manufacturing plant will dramatically alter the local employment landscape but if all of us pull together we can reduce the negative impact by assisting those in transition,” Tom Russel, Executive Director of the Thousand Islands Community Development Corporation, told The Recorder.

A representative for P&G told The Recorder that, of the 500 employees on site, at least a third of the Brockville staff were eligible for early retirement, while others would be offered jobs at other P&G facilities. The remainder, which is estimated at 250 workers, would be assisted in their job search.