Regional Relief and Recovery Fund

Click here for News Release – November 24, 2020

Government of Canada Provides Additional Relief Funding to Elgin Business Resource Centre

 


Effective November 12, 2020

the Elgin Business Resource Centre is receiving applications for the Regional Relief and Recovery Fund (RRRF).  

Small businesses are at the heart of our economy and are vital to our communities.

The COVID-19 pandemic has resulted in uncertainty and anxiety for businesses and their employees. We are here to help.

The Elgin Business Resource Centre (EBRC) is a community-based non-profit economic development organization funded by the federal government to deliver the Community Futures Program in Elgin County. We are committed to assisting businesses in our communities.

FedDev Ontario introduced the Regional Relief and Recovery Fund (RRRF) program in May 2020 to provide financial assistance to small and medium-sized businesses impacted by the COVID-19 pandemic and who are unable to access the Government of Canada’s existing relief measures. In Elgin County alone, this program put nearly $1M into the hands of local businesses. FedDev Ontario recognizes the continued needs of rural businesses and has provided additional program funds to assist more local entrepreneurs.

Effective immediately the Elgin Business Resource Centre is accepting applications for RRRF interest-free business loans up to $40,000.

About the RRRF:

  • 0% interest loan with no payments required until March 31, 2023
  • 25% (not to exceed $10,000) of loan can be forgiven provided the business has paid 75% of the original loan amount prior to March 31, 2023
  • If the business is unable to repay the loan by March 31, 2023, the loan will be converted to a three-year term loan with low interest rate, effective April 1, 2023

Eligible Applicants Must:

  • be established prior to March 1, 2020
  • be impacted adversely due to the COVID-19 pandemic
  • be viable and not experiencing financial pressures prior to March 1, 2020
  • have attempted to access other federal relief supports and were ineligible, rejected, or require funding for expenses in excess of support already received

TO FIND OUT MORE AND TO APPLY

Contact Kevin Jackson, General Manager, Elgin Business Resource Centre

Email: [email protected]

Call: 519-633-7597 ext 337