Key Messages on RRRF Funding Available through 1000 Islands CDC

• The Government of Canada has introduced a number of measures to support businesses, organizations, workers and communities through the COVID-19 global challenge, as part of Canada’s COVID-19 Economic Response Plan.
• To offer additional support to businesses, the organizations that support them and the communities in which they operate, the Government of Canada announced over $1.7 billion in additional funding for targeted measures. This includes more than $1 billion Regional Relief and Recovery Fund, which provides financing support to SMEs that are unable to access existing COVID-19 measures, and to support rural businesses with access to capital through Community Futures Development Corporations.
• Small businesses are at the heart of our economy and many have limited access to traditional financial institutions or other business service providers. The government is working around the clock to give these businesses the support they need to get through this challenging time.
• That’s why the Government of Canada has introduced the Regional Relief and Recovery Fund (RRRF), which provides 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.
• The Government of Canada has allocated million’s to support the national network of Community Futures Development Corporations (CFDCs), which will provide support specifically targeting critical businesses and organizations in rural communities across the country.
• Through the RRRF, CFDCs will have an increased capacity to provide struggling small enterprises with financial support to weather the impact of COVID-19. This support will be directed to those who are unable to access other federal relief measures.
• In order to provide targeted assistance to the small towns and communities they serve, CFDCs will focus on providing RRRF assistance to “main street” businesses, including retail shops, restaurants, corner stores, social enterprises etc., as well as businesses of strategic importance to the community.
• If you are a main street SME interested in a loan of up to $40,000 to help your business, you may be eligible to receive RRRF support from 1000 Islands CDC and should first apply there.
• Incorporated SMEs may also be eligible to receive RRRF support from FedDev Ontario, for amounts up to $500,000. However, they cannot receive funds from both 1000 Islands CDC and FedDev Ontario. Please visit the FedDev Ontario website for more information on eligibility criteria for direct funding.
• Incorporated SMEs with funding needs of more than $40,000 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.