COVID-19 Loans (RRRF) and Information

EFFECTIVE MARCH 8TH, the Regional Relief and Recovery Fund is fully allocated and FCFDC is no longer accepting applications for this program. If your business has been adversely impacted by COVID-19 and you require additional loan funds, we may be able to assist you with a loan at favourable rates.

Businesses in the County of Frontenac that have been adversely impact by COVID-19 and unable to access existing federal relief measures can now apply for funding under this new initiative. Frontenac Businesses that have received federal relief funding may still be eligible for other loan programs from the Frontenac CFDC or from FedDev Ontario.

The Frontenac CFDC also offers business counselling at no cost. Business owners may wish to access these services to help them adapt their business in response to COVID-19, revisit their marketing plan and revise their cashflow forecasts. To book a phone consultation, email jason@frontenaccfdc.com.

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. The Fund, valued at more than $962 million nationally, is delivered by Canada’s six regional development agencies.

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 technical support, delivered by southern Ontario’s Community Futures Development Corporations (CFDC).

Funding available through your local CFDC

In order to provide targeted assistance to the small towns and communities they serve, CFDCs will focus on assisting “main street” businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to their communities, with loans up to $40,000.

Eligible applicants for RRRF must meet the following criteria:

established prior to March 1, 2020;
impacted adversely by the COVID-19 pandemic;
viable and not experiencing other financial difficulties prior to March 1, 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.

How to apply to the Frontenac CFDC:

Review the RRRF Guidelines for program details
Complete the Loan Application RRRF-final (word doc)
You may sign it digitally, or print, sign and scan. If you do not have access to a scanner, simply email back the application form.
Complete the cashflow forecast ( .xls format ).
Submit all supporting documentation listed on the application form.
Email all the documentation to jason@frontenaccfdc.com with a re line “RRRF application”

Note Fully completed applications with all the required supporting documentation will be given priority. We will happily provide assistance in completing the cashflow forecast on an appointment basis.

The Regional Relief and Recovery Fund (RRRF) provides liquidity support to businesses and not-for-profit organizations affected by the economic impacts of COVID-19, that are unable to access other federal relief measures, or require additional support. The Fund, valued at more than $2 billion nationally, is delivered by Canada’s regional development agencies. In southern Ontario, $436.4 million is being delivered by FedDev Ontario and the Community Futures Development Corporations (CFDCs).

Funding available through your local CFDC

The Frontenac CFDC has provided $1,186,778 in relief funds between May 27, 2020 and January 11, 2021 and is continuing to deliver the programming.

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 totaling $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 totaling 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.

The Frontenac CFDC MEs is offering additional support services to businesses at no cost while funding permits.

Examples of support services include:

Advice for diversifying their markets and sales channels;
One-on-one virtual social media training
Financial Review

Eligible CFDC applicants must also 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.

Next steps:

How to apply to the Frontenac CFDC for the $40,000 RRRF

Review the RRRF Guidelines for program details
Complete the Loan Application RRRF-final (word doc)
You may sign it digitally, or print, sign and scan. If you do not have access to a scanner, simply email back the application form.
Complete the cashflow forecast ( .xls format ).
Submit all supporting documentation listed on the application form.
Email all the documentation to jason@frontenaccfdc.com with a re line “RRRF application”

How to apply to the Frontenac CFDC for the $20,000 Top-up to the $40,000

Review the RRRF Guidelines for program details
Complete the Loan Application RRRF 3-final (word docx)
You may sign it digitally, or print, sign and scan. If you do not have access to a scanner, simply email back the application form.
Complete the cashflow forecast ( .xls format).
Submit all supporting documentation listed on the application form.
Email all the documentation to anne@frontenaccfdc.com a re line “RRRF application”

Funding available through FedDev Ontario

Should you be interested in a loan of $60,000 or more and meet the eligibility criteria, you may wish to apply to FedDev Ontario for direct funding.

For more information, please visit the FedDev Ontario website and consult the Applicant Toolkit.

Please note: Applicants will not receive RRRF assistance from both their local CFDC and FedDev Ontario. Review the program guidelines to see which stream is right for you and contact us if you have any questions before applying.

Funding available through FedDev Ontario

FedDev Ontario is delivering $213 million in funding support to SMEs impacted by COVID-19 that do not qualify for, or have been declined for, current Government of Canada COVID-19 relief measures.

Should you be interested in a loan of $40,000 or more and meet the following eligibility criteria, you may wish to apply to FedDev Ontario for direct funding.

Eligible applicants must:

Be a Canadian or provincially incorporated business, co-operative or an Indigenous-owned business located in southern Ontario with 1 to 499 full-time equivalent employees;
Be facing funding pressures with fixed operating costs as a result of COVID-19;
Have been a viable business before the COVID-19 pandemic and plan to continue to operate their business or resume operations.
Have already applied to other Government of Canada emergency credit relief measures for which they are eligible, as outlined in the program guidelines.

For the RRRF funding provided directly by FedDev Ontario, priority may be given to SMEs that fall within the manufacturing, technology, tourism and other sectors key to the region, that are major employers in small communities, or that support the government’s commitment to underrepresented groups.

For more information, please visit the FedDev Ontario website and consult the Applicant Toolkit.

WORKPLACE CONSIDERATIONS FOR EMPLOYERS

The COVID-19 outbreak and efforts to control the spread of the virus have raised numerous operational challenges for employers. On March 18, 2020 the Federal Government announced a plan to provide up to $27 Billion in direct support to Canadian workers and businesses, and a further $55 Billion to meet liquidity need through tax deferrals, As the situation and government responses continue to develop rapidly, we are available to help employers navigate the legal issues. To read more …click here

Please see some federal and provincial government links currently available below that may be useful at this time with regard to COVID-19. The situation is evolving rapidly so as new information becomes available we will continue to update this information.

Calling all suppliers – Help Canada combat Coronavirus disease (COVID-19)

Public Services and Procurement Canada (PSPC) is seeking suppliers to support our efforts to combat COVID 19.

Please share the following link with members/clients or business owners who may be interested in the opportunity:

https://buyandsell.gc.ca/calling-all-suppliers-help-canada-combat-covid-19

Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses: https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html March 18th

FedDev Ontario COVID-19 Page: https://www.feddevontario.gc.ca/eic/site/723.nsf/eng/h_02567.html?OpenDocument

The Province of Ontario declared a state of emergency March 17 https://news.ontario.ca/opo/en/2020/03/ontario-enacts-declaration-of-emergency-to-protect-the-public.html

Key Information Tools: (provided by Ministry of Economic Development

Business Supports

Government of Canada

Coronavirus disease (COVID-19): Resources for Canadian businesses

https://www.tradecommissioner.gc.ca/campaign-campagne/ressources-entreprises-COVID-19-business-resources.aspx?lang=eng