The health and well-being of you, your enterprise, and your community is our top priority during the COVID-19 challenge. We stand ready to support you in these difficult times. We are providing relief for enterprises experiencing hardship as a result of the outbreak, and recovery loans for organizations negatively impacted by the pandemic.
Community Futures is offering Regional Relief and Recovery Fund (RRRF) loans to support organizations that are being negatively impacted by the COVID-19 outbreak thanks to a local fund backed by the Government of Canada through the Federal Economic Development Agency for Southern Ontario. New and existing clients may apply for recovery loans, and the application fee is waived. Loans may be used for working capital to support payment of expenses.
You can read stories of resilience from other entrepreneurs that have been weathering the pandemic with support from RRRF here.
- Maximum assistance will be $60,000
- 0% interest
- No principal payments until December 31, 2022
- Principal payments can be voluntarily made at any time
- For loans issued totaling $40,000 or less: 25 percent of the loan (not to exceed $10,000) can be forgiven provided the recipient has paid 75 percent of the original loan amount prior to December 31, 2022
- For loans issued totaling more than $40,000 and up to $60,000: If the outstanding balance is paid back in full by December 31, 2022, up to 25 percent of contributions up to $40,000 can be forgiven (to a maximum of $10,000), and up to 50 percent of contributions from $40,000 to $60,000 can be forgiven (to a maximum of $10,000).
If the recipient is unable to repay the loan by December 31, 2022, the loan will be converted to a three-year term loan with interest rates up to 5%, effective January 1, 2023. The full balance must be repaid no later than December 31, 2025.
You will be required to complete an attestation when you apply stating your enterprise has attempted to access other federal supports and were ineligible, rejected, or require additional funding for expenses in excess of support already received. To be eligible, your enterprise must have been impacted adversely due to the COVID-19, established prior to March 1, 2020, and been financially viable prior to the pandemic.
Prior to applying, you are encouraged to read our FAQ on Regional Relief and Recovery Fund.
A business is eligible to apply for funding as long as it is domiciled in Prince Edward or Lennox and Addington County, and established prior to March 1st, 2020. The business could be a sole proprietorship, partnership or corporation.
- Business License, or Articles of Incorporation, or Partnership Agreement
- Annual Financial Statements for most recent 2 Years, or fewer for newer businesses, including income statement and balance sheet, or, if these are not available, a summary of annual business revenue, expenses, assets and liabilities
- Completed Regional Relief and Recovery Fund (RRRF) application
- If you have previously received RRRF funding, you may be eligible for a top-up without completing a new application. Contact firstname.lastname@example.org for details.