Regional Relief and Recovery Funding is now open for Applications
$30M in additional RRRF funding is available to southern Ontario SMEs through CFDCs.
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:
The Regional Relief and Recovery Fund will provide financial support directly to SMEs to address COVID-19 impacts on rural and remote communities, contributing to their short-term stability. This access to financing will support southern Ontario SMEs, and NFP organizations, including Social Enterprises that provide support services to SMEs (such as business or sector-based organizations) as well as those engaging in commercial activities (commercial activities refer to conduct that is commercial in character such as selling, bartering or leasing) that do not qualify for or have been rejected from, current Government of Canada COVID-19 relief measures.
Funding available through your local CFDC
Through RRRF, Nottawasaga Futures provided $994,888.67 in liquidity support to help 30 local businesses impacted by the pandemic to cover fixed operating costs and maintain 55 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.
Some not-for-profit (NFP) organizations are also eligible for RRRF support for community-based projects such as providing technical or support services to local businesses.
SMEs and eligible NFP organizations in need of technical and professional assistance to adapt to the current COVID-19 environment may be eligible to receive support from the CFDC to access these services at no cost, through third-party service providers.
Examples of support services include:
o adapting workflows and processes (e.g., digital needs assessment);
o advice for diversifying their markets and sales channels;
o adapting and adopting a virtual sales platform; and
o adapting to new safe workplace regulations related to COVID-1
Eligible CFDC applicants must also meet the following criteria:
Applications can be submitted for:
Completed applications are those with all supporting documentation containing all information needed to complete the review. Information should be accurate, verifiable, relevant, and consistent. Complete applications will undergo a due diligence process where they are assessed against a number of factors.
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.