$39.4 million in funding available through CFDCs to help local small businesses weather the COVID-19 pandemic.
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.
Funding available through Grand Erie Business Centre
In order to provide targeted assistance to the small towns and communities we serve, we will focus on assisting “main street” businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to our communities, with loans up to $40,000.
- Eligible 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.
- The lending terms for the loans are as follows:
- Zero percent interest until December 31, 2022.
- No principal payments until December 31, 2022.
- Principal repayments can be made voluntarily at any time.
- 25%, up to a maximum of $10,000, in loan forgiveness is available, provided the outstanding balance is repaid by December 31, 2022.
- If any part of the balance is not paid by December 31, 2022, the remaining balance will be converted to a term loan at up to five percent annual interest. Effective January 1, 2023.
- The full balance must be repaid no later than December 31, 2025.
Applications can be submitted for:
- Loans of up to $40,000 to help address working capital needs.
- To complete the application, please click here.
- Once completed, please submit to Robert Manning at: firstname.lastname@example.org
- Should you have any questions or require assistance, please contact Robert Manning at: 905.765.5005 or email@example.com
Funding available through FedDev Ontario
FedDev Ontario is delivering $213 million in funding support to SMEs impacted by COVID-19 that do not qualify for, or have been declined for, current Government of Canada COVID-19 relief measures.
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.