Support for Business from Northumberland CFDC
Updated May 15th, 2020
Like you, we are deeply respectful of the need for physical distancing in helping to arrest the impacts of COVID19 on our nation and global communities. Thus, the team at Northumberland CFDC is now working remotely but remains available via email, phone and social media.
With multiple projects, programs and contracts underway with clients across Eastern Ontario, we are responding as quickly as possible to queries associated. We are also in active and continuing consultation with our many partners, elected officials and Federal colleagues in pursuing and securing flexible, creative approaches to support businesses as we navigate this challenging and uncertain time.
Please see below the specific tools in place to support you through our Community Futures Program and the launch of our new RRRF program. Funds are fully committed:
1. Immediate Postponement of loan payments for 3 months
For the period commencing April 1 to June 30, 2020, monthly loan payments for all existing clients will be postponed until July 1, 2020. Normal monthly payments are expected to resume in July according to the existing amortization schedule, effectively extending the amortization by 3 months. No application is necessary. We will continue assessing the economic impact of COVID-19 and may find it necessary to make further amendments as needed.
Postponement of loan payments for 3 months across Northumberland CFDC’s total portfolio of over 60 businesses keeps funds circulating in the local economy at this critical juncture.
2. Regional Relief and Recovery Fund (RRRF)
Small businesses are at the heart of our economy and many have limited access to traditional financial institutions or other business service providers. The government is working around the clock to give these businesses the support they need to get through this challenging time. That’s why the Government of Canada has introduced the Regional Relief and Recovery Fund (RRRF), which provides repayable loans to help small- and medium-sized enterprises (SMEs) with fixed operating costs, where business revenues have been affected by the COVID-19 pandemic. If you are a Northumberland-based main street SME and interested in a loan of up to $40,000 to help your business, you may be eligible to receive RRRF support from us and should learn more on our Northumberland CFDC RRRF project page. We will focus on providing RRRF assistance to “main street” businesses, including retail shops, restaurants, corner stores, social enterprises etc., as well as businesses of strategic importance to the community. Contact us today to learn if your business is a fit for the local component of the Regional Relief and Recovery Fund. Please note: Incorporated SMEs may also be eligible to receive RRRF support from FedDev Ontario, for amounts up to $500,000. However, cannot receive funds from both a CFDC and FedDev Ontario. Please visit the FedDev Ontario website for more information on eligibility criteria for direct funding
As stated, we are also focused on working collaboratively with many partners in securing and mobilizing additional resources to address the COVID-19 situation. Please watch for future updates online.
In the interim, we encourage all to continue to monitor the Government of Canada’s Newsroom and the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) COVID 19 page for up-to-date information.
Additional Federal COVID-19 business resources include:
- The Government of Canada’s Economic Response Plan
- Innovation, Science and Economic Development (ISED) Resources for Canadian Businesses
- National Research Council COVID-19 Response and Challenge Program
- Business Development Bank of Canada COVID-19 Response
- Public Health Agency of Canada COVID-19 page
- COVID-19 Resources
Please do not hesitate to contact us if you have any other ideas, feedback or suggestions. On behalf of the Board of Directors and staff of Northumberland CFDC, we hope that you stay positive, stay well, and stay connected.