Regional Relief and Recovery Funding (RRRF)

Community Futures organizations understand the difficulties the COVID-19 pandemic has caused the small business community. As a result, funds are being made available to local enterprises through the Regional Relief and Recovery Fund (RRRF).

Small business owners impacted as a result of the COVID-19 pandemic can apply for loans up to $40,000 through RRRF.

General Details:

• Maximum loan of $40,000;
• 0% interest until December 31, 2022;
• No principal payments until December 31, 2022;
• Principal repayments can be voluntarily made at any time without penalty;
• 25% up to a maximum of $10,000 in loan forgiveness is available, provided the outstanding balance is paid back 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 effective January 1, 2023; and,
• The full balance must be repaid no later than December 31, 2025.

Eligible Uses for Loan Funding:
The funds from this loan shall only be used by the Borrower to pay non-deferrable operating expenses of the Borrower including, without limitation, payroll, rent, utilities, insurance, property tax, adaptation, and regularly scheduled debt service, and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.  Note that funds from this loan cannot be used to pay expenses already supported through the Canada Emergency Wage Subsidy, the Canada Emergency Commercial Rent Assistance, or the Canadian Emergency Business Account.

Eligibility of Businesses

• As per Terms and Conditions of the Community Futures Program, small-to-medium-sized enterprises are defined as having less than 500 employees and annual sales revenue of less than $20 million, and produce goods and services for the market economy, regardless of their business structure (e.g. sole proprietorships, social enterprises, cooperatives, etc.);
• The SME must have been viable as of March 1, 2020;
• Established before March 1, 2020; and,
• Must have been adversely impacted because of the COVID-19 pandemic, and have needs that have not been met by other federal supports.

For more information on the Regional Relief and Recovery Fund (RRRF) or to apply, please click on the link below to start the online application process.

Please note: Once you submit your application, you will receive an email notification that is confirmation we have received your application and are working on your request. Rest assured a RRRF representative will contact you as soon as possible. Thank you for your cooperation and understanding.