APPLICATIONS NOW OPEN FOR THE REGIONAL RELIEF AND RECOVERY FUND (RRRF)
Applications Now Open for the Regional Relief and Recovery Fund (RRRF)
Applications are now open for additional financial support through the Government of Canada’s Regional Relief and Recovery Fund (RRRF). The RRRF, administered locally by Collingwood’s Centre For Business, provides financial contributions (interest-free loans) of up to $40,000 to help support fixed operating costs and working capital needs of SMEs, where business revenues have been affected by the COVID-19 pandemic. The Centre For Business is here to help small businesses impacted by COVID-19 that have been unable to access other federal support.
Details of the program are as follows:
Maximum assistance under RRRF offered through the Community Futures program is $40,000
0% interest rate and no principal payments until March 31, 2023.
Principal repayments can be voluntarily made at any time.
25% (not to exceed $10,000) of any loan can be forgiven provided the recipient has paid 75% of the original loan amount prior to December 31, 2023.
The Centre For Business and Economic Development (CBED) is a federally supported not-for-profit Community Futures Development Corporation with a volunteer Board of Directors and professional staff whose purpose is to support community economic development and small business growth through business loans. CBED has been supporting businesses in the community for over 32 years.
Funding available through FedDev Ontario.
Businesses that need a loan of $40,000 or more and meet the eligibility criteria, can apply to FedDev Ontario for direct funding.
In addition, Not-For-Profit organizations that do not have a revenue stream should check their eligibility for a non-repayable loan by contacting FedDev Ontario directly.
For more information, please visit the FedDev Ontario website and consult the Applicant Toolkit.
Please contact the Centre For Business if you have any questions or need any additional information.
