Additional RRRF funding now available.

As part of Canada’s COVID-19 Economic Response Plan, the Government of Canada has introduced a number of measures to support businesses, organizations, workers and communities through the COVID-19 global challenge. Central to this is the Regional Relief and Recovery Fund (RRRF). Announced in May 2020, the RRRF initially allocated over $675 million for regional development agencies to provide financing support to SMEs unable to access other existing COVID-19 measures and $287 million to support rural businesses and communities with access to capital through Community Futures Development Corporations (CFDCs).

An additional $184 million in RRRF funding was announced in October 2020, with southern Ontario CFDCs expected to deliver $30 million of this enhanced support..

Since the launch of the RRRF, CFDCs have provided critical support for more than a thousand southern Ontario businesses, helping to maintain 3,500 jobs in the region. FedDev Ontario has also supported southern Ontario’s businesses and other organizations by delivering more than $250 million in RRRF support and saving more than 43,000 jobs.

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 $1 billion nationally, is delivered by Canada’s six regional development agencies.

FUNDING AVAILABLE THROUGH 1000 ISLANDS CDC  (LOCAL STREAM UP TO $40,000 IN SUPPORT)

In order to provide targeted assistance to the small towns and communities they serve, CFDCs will focus on assisting “main street” businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to their 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.

Applications can be submitted for:

• Loans of up to $40,000 to help address working capital needs.

Next steps:

• Apply on-line.
• Contact our Business Loans Officer, Mr. Bob Myers, by e-mail (bob.myers@ticdc.ca) or by phone (345-6216 ext. 103).

FUNDING AVAILABLE THROUGH FEDDEV ONTARIO (REGIONAL STREAM FOR LARGER APPLICATIONS)

FedDev Ontario is delivering 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.

Eligible applicants must:

• Be a Canadian or provincially incorporated business, co-operative or an Indigenous-owned business located in southern Ontario with 1 to 499 full-time equivalent employees.
• Be facing funding pressures with fixed operating costs as a result of COVID-19.
• Have been a viable business before the COVID-19 pandemic and plan to continue to operate their business or resume operations.
• Have already applied to other Government of Canada emergency credit relief measures for which they are eligible, as outlined in the program guidelines.

For the RRRF funding provided directly by FedDev Ontario, priority may be given to SMEs that fall within the manufacturing, technology, tourism and other sectors key to the region, that are major employers in small communities, or that support the government’s commitment to underrepresented groups.

For more information, please visit the FedDev Ontario website and consult the Applicant Toolkit.

Please note: Applicants will not receive RRRF assistance from both the 1000 Islands CDC and FedDev Ontario. Review the program guidelines to see which stream is right for you.