Submitted by Trenval Business Development Corporation, Thursday, May 14th
To offer additional support to businesses during the COVID-19 pandemic the Government of Canada announced the Regional Relief and Recovery Fund (RRRF). Part of RRRF will see $39.4 million to support rural businesses with access to capital through Community Futures Development Corporations in Southern Ontario. The Trenval CFDC office says it receive $994,888 for its local catchment area.
The Regional Relief and Recovery Fund (RRRF) will provides interest-free repayable loans to help small- and medium-sized enterprises (SMEs) with fixed operating costs, where business revenues have been affected by the COVID-19 pandemic. There will be a 25% forgivable portion of the approved amount if repaid in full by December 31, 2022.
“Small businesses are at the heart of our local economy and many have not been able to access any of the government support programs. This local funding will help struggling “main street” businesses including retail shops, restaurants and social enterprises with financial support to weather the impact of COVID-19”, said Amber Darling, Executive Director of Trenval.
Applications for RRRF will open on the Trenval website on Tuesday, May 19.
Additional Notes:
- Incorporated SMEs with funding needs of $40,000 or more should apply directly through FedDev Ontario, as RRRF funding through CFDCs will be limited to contributions of $40,000 or less. Please visit the FedDev Ontario website for more information on eligibility criteria for direct funding. SMEs receive funds from both a CFDC and FedDev Ontario.
- 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.
- 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.
- Trenval catchment area includes City of Belleville, City of Quinte West, Stirling-Rawdon, Tyendinaga Township, Deseronto and Tyendinaga.
