A new funding program delivered through Canada’s six Regional Development Agencies (RDAS) are now accepting applications under the Regional Relief and Recovery Fund (RRRF). This program is for seasonal, rural and other small- and medium-sized enterprises (SMEs) who have not been able to access existing government support measures.
On April 17, 2020, Prime Minister Justin Trudeau announced new, targeted measures to protect jobs and provide more support to businesses and communities impacted by COVID-19. During the webinar co-hosted by Destination Canada and TIAC on May 12, the Honourable Minister Melanie Joly told participants that this program was imminent. As part of these measures, the national $1 billion RRRF provides funding to small- and medium-sized enterprises (SMEs) that are unable to access the government’s existing support measures, including Destination Marketing Organizations (DMOs), and access to capital for rural businesses and communities.
This new Fund, officially launched on May 13, is being delivered by Regional Development Agencies (RDA) across the country to help organizations continue their operations and position themselves for a successful recovery.
Funding amounts vary by RDA, and fall under two categories.
· $675 million to support regional economies, businesses, organizations and communities in regions all across Canada;
· $287 million to support the national network of Community Futures Development Corporations, which will specifically target small businesses and rural communities across the country.
Enterprise Brant is pleased to announce that the Federal Economic Development Agency for Southern Ontario has extended funding for almost $1 million for loans. These loans are to focus on assistance for retail, hospitality and tourism businesses. Applications will be accepted until the fund is depleted.
Details for this program include:
· Loan amounts from $2,500 To $40,000
· Fixed interest rate of 0% to December 31st, 2022
· No payments required until December 31st, 2022
· Fixed interest rate of 5% from January 1st, 2023 to December 31st, 2025
· Repayable anytime in part or in full without penalty
· Must be repaid by December 31st, 2025
· 25% can be forgiven provided the full loan is repaid by December 31st, 2022
Applications and supporting documents can be submitted via email or drop off at 330 West Street, Unit 10, Brantford. The application is available on the Enterprise Brant website.
This is welcome news to provide much-needed support for tourism small businesses that have not been able to access other support streams. As such, we urge you to apply today and ensure your application is filled out fully to avoid any processing delays.
For any additional questions, please contact Enterprise Brant.