Phone: 780-623-2662

REGIONAL RELIEF and RECOVERY FUNDING (RRRF)

Thank-you for your interest in the Community Futures Regional Relief and Recovery Fund.  Our funding for this program is currently oversubscribed. If you choose to proceed, we will keep your application active and will contact you if more funding becomes available.

The Government of Canada and Community Futures organizations (CFs) understand the difficulties the COVID-19 pandemic has caused the small business community throughout the West. As a result, the Government of Canada has made funds available to the CFs to provide support and assistance to SMEs through the rural stream of the Regional Relief and Recovery Fund (RRRF).

New funding above $40,000 and up to $60,000

The Community Futures RRRF stream is now offering additional funding of up to $20,000 for rural SMEs and non-profits that have previously received a $40,000 loan. The RRRF program now also offers support up to $60,000 for NEW eligible applicants.

The Regional Relief and Recovery Fund provides funding to support businesses that have not been approved for supports through the Canada Emergency Business Account (CEBA) or the Emergency Loan Program delivered through Aboriginal Financial Institutions. 

Eligible small and medium-sized businesses and non-profits can use the RRRF to cover non-deferrable operating expenses like payroll, rent, utilities, insurance, and property tax.

New applicants seeking the full $60,000 must complete both these applications inside the portal:

  • Community Futures Regional Relief and Recovery (RRRF Application) up to $40,000
  • Community Futures Regional Relief and Recovery (RRRF Expansion) additional $20,000

 

 

Once you follow the link you will find a button to ‘Sign Up’ for the Loan Application Portal. Enter your name, email address and desired password. You will then receive an email asking you to Verify your email address (make sure to check your Junk Folder or Spam Filtering if the email doesn’t arrive in your inbox).

After you click the Verify button in the email, you will be able to login to the Loan Application Portal and complete your application.

Details for New funding above $40,000 and up to $60,000

  • Repayment of 50% or up to $10,000, of the contribution amount, on or before December 31, 2022, will result in the forgiveness of 50% or up to $10,000 of the total contribution.
  • No scheduled monthly repayments are required until after December 31, 2022
  • If 50% of the contribution amount is not repaid by December 31, 2022, the balance owing will be converted to an additional three (3) year term repayable contribution (with a fixed monthly repayment schedule), beginning January 2023, with no forgivable portion
  • The full balance of the contribution amount must be repaid no later than December 31, 2025

Details For funding of up to $40,000:

  • Repayment of 75%, or up to $30,000 of the contribution amount on or before December 31, 2022 will result in the forgiveness of 25%, or up to $10,000 of the total contribution
  • No scheduled monthly repayments are required until after December 31, 2022
  • If 75% of the contribution amount is not repaid by December 31, 2022, the balance owing will be converted to an additional three (3) year term repayable contribution (with a fixed monthly repayment schedule), beginning January 2023, with no forgivable portion.
  • The full balance of the contribution amount must be repaid no later than December 31, 2025

Eligible Uses for Loan Funding:
The funds from these loans 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 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, or 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 or the Canada Emergency Commercial Rent Assistance.

Eligibility of Businesses

  • As per Terms and Conditions of the Community Futures Program, SMEs 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 applicant has not been approved for other federal supports such as the Canada Emergency Business Account (CEBA)
  • 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.

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 CF representative will contact you as soon as possible. Thank you for your cooperation and understanding.

Please review the guidelines in the link below.

https://www.wd-deo.gc.ca/eng/20060.asp

Other COVID-19 Supports:

If your business is located in an urban or metropolitan area, not served by Community Futures, or you require over $40,000 in funding, please visit this site: WD Regional Relief and Recovery Fund (RRRF)

Use this online search tool for federal support (COVID and otherwise):  https://innovation.ised-isde.canada.ca/innovation/s/?language=en_CA

Also check: https://www.canadianbusinessresiliencenetwork.ca/resources/support-for-business/ and the mobile app for iOS or Android called “Canada Business”:  https://www.ic.gc.ca/eic/site/icgc.nsf/eng/h_07670.html

 

Share This