On Friday, May 15th, Valley Heartland CFDC will announce NEW Funding available through the Regional Relief and Recovery Fund (RRRF)
As our Chamber office has received many concerns from our businesses regarding the strict federal subsidy criteria and lack of funding for seasonal, small and sole-proprietor businesses. We are sending you this email to give you a jump start on the RRRF Program as it will be released on Friday, May 15th through the Valley Heartland website.The Regional Relief and Recovery Fund (RRRF) provides financial contributions (interest-free loans) to help support fixed operating costs of SMEs, where business revenues have been affected by the COVID-19 pandemic.
In southern Ontario, $252.4 million is available as follows:
- $213 million for SMEs facing financial pressure; and
- $39.4 million to provide rural businesses with access to capital and business support, delivered by southern Ontario’s Community Futures Development Corporations.
Valley Heartland CFDC is the lead for the counties Regional Relief and Recovery Funds (RRRF).The details that have been shared are:
- Max. loan amount of $40,000
- 25% which is forgivable (based on repayment terms)
Priority for:
- Businesses that DO NOT qualify for other funding sources
- Sole-proprietorship businesses
- Tourism businesses
- Downtown businesses
- Manufacturing businesses
- SME businesses
- Tech businesses
Again, we were just notified this morning by Valley Heartland with basic details. More program information on criteria and eligibility can be found by visiting FedDev Ontario, visiting Valley Heartlands website https://www.valleycfdc.com/covid19 or their Facebook page https://www.facebook.com/valleycfdc/ tomorrow.
The Chamber will send out confirmed funding details tomorrow when more information is shared with us.