Regional Relief and Recovery Fund Now Accepting ApplicationsMay 13, 2020
Cornwall Ontario – The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) is now accepting applications under the Regional Relief and Recovery Fund (RRRF).
On April 17, 2020, Prime Minister Justin Trudeau announced new, targeted measures to protect jobs and provide more support to businesses and communities impacted by COVID-19. As part of these measures, the national $962-million RRRF provides funding to small- and medium-sized enterprises (SMEs) that are unable to access the government’s existing support measures, and access to capital for rural businesses and communities.
This new Fund, officially launched on May 13, 2020, is being delivered by regional development agencies across the country to help organizations continue their operations and position themselves for a successful recovery.
FedDev Ontario is delivering $252.4 million in funding through the RRRF in southern Ontario, including $213 million for SMEs facing financial pressure, and $39.4 million through the Community Futures Development Corporations (CFDCs).
“We are excited to work with the community on this new fund,” says Lesley Thompson, Executive Director of the Cornwall and the Counties Community Futures Development Corporation. “More information will be available soon on just how much money has been allocated to our region.”
Applications are now being accepted under two streams:
- Regional Economy: This stream supports provides $213 million in support to southern Ontario SMEs that do not qualify for, or have been declined for, current Government of Canada COVID-19 relief measures. Please visit the FedDev Ontario website for more information or to apply under this stream.
- Community Futures: This stream supports businesses in rural and smaller communities through additional funding for the existing Community Futures Program (CFP). In order to provide targeted assistance to the small towns and communities they serve, CFDCs who will deliver this stream of funding will focus on assisting “main street” businesses, such as retail shops, restaurants and corner stores, etc., and businesses of strategic importance to their communities, with loans up to $40,000. Please apply directly through your local CFDC for funding through this stream.
For full eligibility criteria and additional information, please visit FedDev Ontario’s RRRF page.