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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 *Terms updated Jan 1st 2021

Maximum assistance will be $40,000

0% interest and no principal payments until December 31, 2022

Principal repayments can be voluntarily made at any time

25% (not to exceed $10,000) of any loan can be forgiven provided the recipient has paid 75% of the original loan amount before December 31, 2022

If the recipient cannot 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 1st 2023. The full balance must be repaid no later than December 31st 2025.

No payments are required until December 31, 2022, but the Client can opt to make payments anytime between January 1, 2021, and December 31, 2022.

The full balance must be repaid no later than December 31, 2025.

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.


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



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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