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, which are unable to access other federal relief measures or require additional support. The Fund, valued at more than $2 billion nationally, is delivered by Canada’s regional development agencies. In southern Ontario, $436.4 million is being delivered by FedDev Ontario and the Community Futures Development Corporations (CFDCs).
Funding available through your local CFDC
Through RRRF, Nottawasaga Futures has 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 $60,000. 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, as outlined below:
For loans issued totalling $40,000 or less: 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 December 31, 2022.
For loans issued totalling more than $40,000 and up to $60,000: If the outstanding balance is paid back in full by December 31, 2022, up to 25 percent of contributions up to $40,000 can be forgiven (to a maximum of $10,000), and up to 50 percent of contributions from $40,000 to $60,000 can be forgiven (to a maximum of $10,000).
Balances not paid back in full by the deadline are fully repayable and must be repaid no later than December 31, 2025.
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.
Eligible CFDC applicants must also meet the following criteria:
Examples of support services include:
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 $60,000 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.