The federal government has announced another $600 million in funding for the Regional Relief and Recovery Fund (RRRF), which provides interest-free, partially forgivable loans to small and mid-sized businesses facing financial hardship due to the COVID-19 pandemic.
The RRRF offers loans to businesses that are ineligible for Canada Emergency Business Account (CEBA) funding and those who applied for and were declined CEBA funding. Loans are interest-free until December 31, 2022. If 75% of a loan is paid back by December 31, 2022, the remaining 25% is forgiven.
There are four categories under which businesses can apply for funding with the RRRF, each with their own application process and additional specific eligibility requirements:
- Loans up to $40,000
- Loans over $40,000
- Community Futures Stream (loans up to $40,000 for rural businesses)
- Women’s Enterprise Initiative Stream (loans up to $40,000 for women-owned or led businesses)
Canada’s Regional Development Agencies will distribute the funds to eligible businesses within their respective regions.
For complete details on accessing these funds, visit the link below for your local Regional Development Agency's webpage on the RRRF:
Atlantic Canada Opportunities Agency (ACOA)
(New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island)
Western Economic Diversification Canada (WD)
(Alberta, British Columbia, Manitoba and Saskatchewan)
Canadian Northern Economic Development Agency (CanNor)
(Northwest Territories, Nunavut and Yukon)