With the help of the Renfrew County Community Futures Development Corporation (RCCFDC), businesses in the area can get up to $60,000 in support.
George Gilfillan, Business Support Coach with RCCFDC, says the Regional Relief Recovery Fund is a federal loan that is administered by the various Futures Corporations across the country. While the maximum loan is $60,000, lower amounts can be requested based on the individual needs of each business. The Fund comes at 0% interest until December 31st, 2022.
The Fund is set up for main street businesses that have been hit especially hard during the pandemic. Retail, hospitality, food services and personal care are welcome to apply, as well as those who have had to operate at limited capacity or have had their clientele affected by the pandemic. The Fund can be used towards fixed costs like payroll, rent, and utilities.
For businesses concerned about being saddled with another loan they fear they are unable to repay, Gilfillan says the Fund comes with a forgiveness option. If the loan is paid back by the end of 2022, the grant opportunity portion of the Fund allows 25% of the loan to be forgiven, turning a $40,000 loan into a $30,000 repayment.
The Fund launched last year and was similar to the Canadian Emergency Business Account (CEBA), and those who applied for it can have a top-up through the Recovery Fund.
Gilfillan urges businesses to apply for this fund. He has already seen businesses close across the county, or seen owners take an early retirement due to the costs of the pandemic. Even for those businesses that think that brighter days are ahead, he still implores people to apply, as this fund is centred around business recovery. He says the fund is perfect for offsetting some of the costs that come with reopening as the province opens back up.
Information on the Fund can be found in the financing section of the RCCFDC Website. Gilfillan reminds businesses that there are limited funds, and they will not be accepting applications after June 30th.