NOTICE: The Regional Relief and Recovery Fund (RRRF) has been extended. The expanded parameters include increases in contribution amounts and forgivable portions. These parameters are available to new applicants and existing recipients.
Applications for RRRF loans will be accepted until June 30, 2021, or until such time that the Fund is fully committed. If you are a new applicant apply through our online application. If you are already a RRRF recipient and in need of additional support please email RRRF@northumberlandcfdc.ca directly.
As key partners to FedDev Ontario, southern Ontario CFDCs are delivering over $90 million in relief funding, which has supported nearly 2,000 rural businesses and maintained 6,300 jobs in the region.
Funding is still available. Learn more about the eligibility criteria below and apply by June 30, 2021.
Funding available through your local CFDC
Through RRRF, to date, Northumberland CFDC has provided $1,580,000 in liquidity support to help 31 businesses impacted by the pandemic to cover fixed operating costs and maintain 68 jobs.
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 $60,000. 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.
The loans offered will be conditionally non-repayable, as outlined below:
For loans issued totalling $40,000 or less: 25 percent of the loan (not to exceed $10,000) can be forgiven provided the recipient has paid 75 percent of the original loan amount prior to December 31, 2022.
For loans issued totalling more than $40,000 and up to $60,000: If the outstanding balance is paid back in full by December 31, 2022, up to 25 percent of contributions up to $40,000 can be forgiven (to a maximum of $10,000), and up to 50 percent of contributions from $40,000 to $60,000 can be forgiven (to a maximum of $10,000).
Balances not paid back in full by the deadline are fully repayable and must be repaid no later than December 31, 2025.
Eligible applicants must meet the following criteria:
- Established prior to March 15, 2020;
- Impacted adversely by the COVID-19 pandemic;
- Viable and not experiencing other financial difficulties prior to March 15, 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.
Applications can be submitted for:
- Loans of up to $60,000 to provide liquidity support for fixed operating costs to maintain regular operations where revenues or cash flows have been affected by the COVID-19 pandemic.