The Federal Government is providing over $1.5 billion through the Regional Relief and Recovery Fund (RRRF) to help more businesses and organizations in sectors such as manufacturing, technology, tourism and others that are key to the regions and to local economies. This fund is specifically targeted to those that may require additional help to recover from the COVID-19 pandemic, but have been unable to access other support measures.
The Regional Relief and Recovery Fund
(RRRF) provides financial contributions (interest-free loans) to help support fixed operating costs of SMEs, where business revenues have been affected by the COVID-19
pandemic. The Fund, valued at more than $962 million nationally, is delivered by Canada’s six regional development agencies.
In southern Ontario, $252.4 million is available as follows:
- $213 million for SMEs facing financial pressure; and
- $39.4 million to provide rural businesses with access to capital and technical support, delivered by southern Ontario’s Community Futures Development Corporations.
We are now accepting applications
Funding available through your local CFDC
In order to provide targeted assistance to the small towns and communities they serve, CFDCs will focus on assisting “main street” businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to their communities, with loans up to $40,000.
- Eligible CFDC applicants must also meet the following criteria:
- established prior to March 1, 2020;
- impacted adversely by the COVID-19 pandemic;
- viable and not experiencing other financial difficulties prior to March 1, 2020;
- have attempted to access other federal relief supports and were ineligible, rejected, or require funding for expenses that have not been supported, with priority given to applicants who were ineligible or rejected from other federal relief supports.
- costs incurred prior to April 1st, 2020 are not eligible.
- Note that businesses may also be eligible to receive RRRF funds from FedDev Ontario but will not receive RRRF assistance from both a CFDC and FedDev Ontario.
Applications can be submitted for Loans of up to $40,000 to help address working capital needs.
Local Funding Terms:
- Loan amount allocation will be based on a 3-months timeline of eligible costs
- Maximum assistance will be $40,000
- 0% interest and no principal payments until December 31, 2022
- Principal repayments can be voluntarily made at any time
- 25 percent (not to exceed $10,000) of any loan can be forgiven provided the recipient has paid 75 percent of the original loan amount prior to December 31, 2022
- If the recipient is unable to repay the loan by December 31, 2022, the loan will be converted to a three-year term at 5%, effective January 1, 2023. The full balance must be repaid no later than December 31, 2025.
To get a start on your application you will need:
- Complete downloadable documents including:
Supporting Documents Required:
- Personal Identification for each business owner, preferably a driver’s license and passport
- Articles of Incorporation and/or Business Registration
- Financial Statements- Account Prepared preferred, or Balance Sheet and Income Statement for last year, in-house year to date financial statements
- Business Bank Statements or Account Activity printouts for last two months
Please submit COMPLETED applications only via e-mail (including all required supporting documents above as well as completed Loan Application and 3 Month Fixed Cost Spreadsheet) via one email to Account Manager, Jamie Tyrell at firstname.lastname@example.org