Businesses in the BCFDC catchment area unable to access existing federal relief measures can now apply for funding under new initiative.
Small businesses are at the heart of our economy and many are vital to this community. The COVID-19 pandemic has resulted in uncertainty and anxiety for businesses and their employees.
This is where the Regional Relief and Recovery Fund (RRRF) comes in. On May 13, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, announced that southern Ontario businesses that can now apply for RRRF. In southern Ontario, FedDev Ontario is working with key partners such as the Community Futures Development Corporations (CFDCs) across the region to help businesses during these difficult times.
In southern Ontario, $252.4 million is available as follows:
-$39.4 million to provide rural businesses with access to capital and business support, delivered by southern Ontario’s CFDCs; and
-$213 million for SMEs facing financial pressure through FedDev Ontario.
Across Ontario, CFDCs are providing 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 order to provide targeted assistance to the small towns and communities we serve, BCFDC will focus on assisting “main street” businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to our communities, with loans up to $40,000.
Please visit our website for more information on eligibility and the application process www.bruce.on.ca
Barb Fisher, General Manager of Bruce CFDC noted: “We have heard directly from area businesses the struggles being faced but also the persistence of business owners to do what it takes to recover and build. This 0% loan fund with no payments until December 2022, including potential of a partial forgivable portion, is intended to help fill in some gaps that are not being met through other programs”.