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In order to provide targeted assistance to the small towns and communities they serve, CFDCs are helping a range of businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to their communities, with loans up to $40,000.  Not-for-profit (NFP) organizations that provide support services to SMEs as well as those engaging in commercial activities will be eligible for liquidity support.

Type of loan and terms

Maximum assistance will be $40,000

0% interest and no principal payments until December 31, 2023

Principal repayments can be voluntarily made at any time

25% not to exceed $10,000 can be forgiven provided 75% of the original loan is paid before December 31, 2023

If unable to repay the loan by December 31, 2022, the loan will be automatically converted to a three-year term loan with interest rates up to 5%, effective January 1, 2023.

No payments are required until December 31, 2023, but the Client can opt to make payments anytime between January 1, 2021, and December 31, 2023.

The full balance must be repaid no later than December 31, 2026

Eligible Costs for the purposes of the RRRF include those that will help stabilize organizations and mitigate                                COVID-19 impacts, including:

(a) rent, salaries, and benefits;

(b) taxes;

(c) utilities;

(d) cleaning supplies and additional safety measures;

(e) bank interest/charges and loan repayment (interest);

(f) professional fees;

(g) insurances; and

(h) other eligible expenses associated with retooling, rethinking workflows

Eligible CFDC 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.

LOCAL FUNDING STREAM

Should you be interested in a loan of $40,000 or more and meet the eligibility criteria, you may wish to apply to FedDev Ontario for direct funding.

If you are a NFP that does not have a revenue stream, you should check your eligibility for a non-repayable loan by contacting FedDev Ontario directly.

For more information, please visit the FedDev Ontario website and consult the Applicant Toolkit. Please note: Applicants will not receive RRRF assistance from both their local CFDC and FedDev Ontario. Review the program guidelines to see which stream is right for you and contact us if you have any questions before applying

Funding available through FedDev Ontario

DOWNLOAD APPLICATION

PROGRAM + APPLICATION GUIDLINES

Download: VH CFDC RRRF Guidelines FINAL.pdf

Download: RRRF-2-Application Nov. 24 2020.zip

To date through RRRF, Valley Heartland has provided $994,888.64 in liquidity support to help 27 local businesses impacted by the pandemic to cover fixed operating costs and maintain 58 jobs.

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