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.
Recovery Loans
Community Futures offered Regional Relief and Recovery loans to support organizations that were being negatively impacted by the COVID-19 outbreak. New and existing clients were able to apply for recovery loans, and the application fee was waived. Loans could be used for working capital to support payment of expenses.
Intake for RRRF is now closed.
Loans
- 0% interest
- No principal payments until December 31, 2023
- Principal payments can be voluntarily made at any time
- 25% of any loan can be forgiven (not to exceed $10,000) provided the recipient has paid 75% of the original loan amount prior to December 31, 2023
If the recipient is unable to repay the loan by December 31, 2023, 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.
Applicants were required to complete an attestation when they applied 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.
If your business wishes to apply for more than $40,000, Community Futures may require more information to support the application.
Prior to applying, applicants were 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.
RRRF loan applications were submitted online. Intake is now closed. New applications are not being accepted at this time.
Applicants to RRRF were required to submit the following information:
- 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
