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 $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
To date the CFDC of North & Central Hastings and South Algonquin has processed 62 Loans totalling $ 1,294,038.67 maintaining 242.5 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 totaling $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 totaling 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.
Eligible CFDC applicants must also meet the following criteria:
Applications can be submitted for:
Next Steps: Contact CFDC to discuss your situation and to obtain a RRRF application
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.
Small Business and Social Enterprise clients can apply for financial assistance from the CFDC for up to $250,000
Need funds to start or expand your business or Social Enterprise? Looking to purchase equipment or inventory?
We’ve got the flexible financing options that will work for you.
A customized financing solution, including flexible payment terms and no prepayment penalties are features we build into every loan.
Community Futures is very involved in offering SME's (Small & Medium Sized Enterprises) and Social Enterprises information, advice and resources when starting, expanding or maintaining their business. This can involve assisting with the completion of a business plan, budgeting, marketing and in-depth accounting and processes.
For more information or to book an appointment please call our office and speak withCarolyn at (613) 332-5564 extension 203
In addition to one-on-one assistance, Community Futures offers seminars, frequently in partnership with other organizations such as Chambers of Commerce, the Small Business Centre and financial institutions, to provide information and training on such topics as e-business, marketing, board governance, leadership skills and customer service.
In creating our community economic development strategy, the questions are:
Keeping these two questions in mind, CFDC has addressed the principles that: