The Regional Relief and Recovery Fund (RRRF) provides liquidity support to businesses and not-for-profit organizations affected by the economic impacts of COVID-19, that are unable to access other federal relief measures, or require additional support.
The Fund, valued at more than $1.5 billion nationally, is delivered by Canada’s regional development agencies.
In southern Ontario, $436.4 million is being delivered as follows:
- $367 million for direct support from FedDev Ontario for SMEs facing financial pressure; and
- $69.4 million to provide rural businesses with access to capital and technical support, delivered by southern Ontario’s Community Futures Development Corporations.
Funding available through your local CFDC
To date the CFDC of North & Central Hastings and South Algonquin has processed 42 Loans to 42 local businesses totalling $ 994,888.67 maintaining 238 jobs.
In order to provide targeted assistance to the small towns and communities they serve, CFDCs are helping a range of businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to their communities, with loans up to $40,000. Not-for-profit (NFP) organizations that provide support services to SMEs as well as those engaging in commercial activities will be eligible for liquidity support.
The loans offered will be conditionally non-repayable: 25 percent of the loan (not to exceed $10,000) can be forgiven provided the recipient has paid 75 percent of the original loan amount prior to March 31, 2023.
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.
Applications can be submitted for:
- Loans of up to $40,000 (this includes any previous RRRf allocation) to help address working capital needs.
Funding available through FedDev Ontario
Should you be interested in a loan of $40,000 or more and meet the eligibility criteria, you may wish to apply to FedDev Ontario for direct funding.
Please note: Applicants will not receive RRRF assistance from both their local CFDC and FedDev Ontario. Review the program guidelines to see which stream is right for you and contact us if you have any questions before applying.