Regional Relief and Recovery Fund (RRRF)

The Regional Relief and Recovery Fund support available through the Kawartha Lakes CFDC has been fully committed.

Businesses and organizations seeking a loan over $60,000, or those located outside the service area of a CFDC, may wish to apply for funding through FedDev Ontario.

Eligible organizations are encouraged to contact us directly to discuss other funding or liquidity relief options available.

Providing Liquidity Support

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).

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.

Eligible CFDC applicants 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.

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.

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.

Some not-for-profit (NFP) organizations are also eligible for RRRF support for community-based projects such as providing technical or support services to local businesses.

SMEs and eligible NFP organizations in need of technical assistance to adapt to the COVID-19 environment may be eligible to receive support from their local CFDC to access these services at no cost, through third-party service providers.

Examples of support services include:
- adapting workflows and processes (e.g., digital needs assessment);
- advice for diversifying their markets and sales channels;
- adapting and adopting a virtual sales platform; and
- adapting to new safe workplace regulations related to COVID-19.

Funding available through your local CFDC

To date, Kawartha Lakes Community Futures Development Corporation has administered…

$1.1M

more than $1,166,500 in RRRF funding

36

to 36 local businesses for fixed operating expenses

195

and has maintained 195 jobs

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

News Release
For Immediate Release

KAWARTHA LAKES CFDC CELEBRATES SUPPORTING BUSINESSES THROUGH GOVERNMENT OF CANADA’S REGIONAL RELIEF AND RECOVERY FUND

March 25, 2021 | Kawartha Lakes, ON

Businesses in Kawartha Lakes have received a total of $1.29 million in capital and training investments to mitigate COVID-19 impacts over the past year.

Small businesses are at the heart of our economy and many are vital to this community, and many are facing uncertainty as a result of the COVID-19 pandemic. Since May 2020, $436.4 million has been made available under the Regional Relief and Recovery Fund to southern Ontario businesses through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), including $83.3 million in targeted rural support delivered by Community Futures Development Corporations (CFDCs).

Since then, Kawartha Lakes CFDC provided $1,166,500 in liquidity support for 36 businesses impacted by the pandemic, to cover fixed operating costs and maintain 195 jobs. The funding is making a difference locally by providing businesses the support they need to navigate the uncertainty of the pandemic, while also finding ways to grow for the future.

For example, Smitty’s Restaurant in Lindsay, had to rapidly adapt to new protocols and reduced capacity. With RRRF support through the Kawartha Lakes CFDC, it received funding at a critical time and was able to maintain 25 jobs.

“2020 has proven to be more than just a challenge, and I love a challenge,” said Smitty’s owner/operator, Shelly Hardaker. “The Kawartha Lakes CFDC was instrumental with guidance and the Regional Relief and Recovery Funding. It has enabled me to deal with my reopening and focus 100 per cent on the recovery for my family and all of my staff. We were actually able to hire.”

In addition to over $1.1 million in RRRF loan disbursements, Kawartha Lakes CFDC received additional community based project funding through FedDev Ontario to design and deliver programming with strategic partners to support multiple small- and medium-sized enterprises (SMEs) and not-for-profit organizations (NFPs) during the COVID-19 pandemic. Six strategic projects including one on one coaching, webinars, and training sessions were launched. Kawartha Lakes SMEs and NFPs received training for adapting workflow and process improvements, enhancing virtual platforms, cyber-security assessments and audits, online business integration, targeted marketing, accounting upgrades and strategic planning. A total of 71 SMEs, social enterprises and NFPs participated with many receiving important follow-up services to assist in pivoting business models and integrating new technologies due to the pandemic.

Quotes

“The Storefront to Online (S2O) program, offered through the RRRF Community-Based Funding, with Bob Minhas has been a great experience for the Bobcaygeon Chamber of Commerce. We have learned some very valuable insights on how to improve our digital presence. We have started to put them into practice and are already seeing positive results. Bob is an incredible mentor and makes the whole process fun and rewarding.”

- Denise Benning-Reid, Manager, Bobcaygeon & Area Chamber of Commerce

“We launched the Regional Relief and Recovery Fund at a time when the uncertainty surrounding the COVID-19 pandemic was sky-high. We knew that Community Futures Development Corporations (CFDCs) were in a unique position to help deliver this fund using their local expertise. Now, we are seeing the results of that support, thanks to the regional development agencies and CFDCs supporting businesses and entrepreneurs to be resilient for the future."

- The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Federal Economic Development Agency for Southern Ontario

“Sole proprietors and small- and medium-sized businesses have been dramatically impacted by the COVID-19 pandemic in Kawartha Lakes. These challenging times have required and sometimes provided opportunities to pivot existing business models, innovate and create new ways of doing business and explore new revenue streams. The Kawartha Lakes CFDC is proud to support these entrepreneurs with financial support for relief and recovery during the pandemic as well as strategic business supports and financial assistance for critical projects and training initiatives.”

- Vince Killen, Executive Director, Kawartha Lakes CFDC

“The businesses, workers and organizations in southern Ontario’s rural communities are a significant part of our region’s economic strength. We know they have faced challenges and it is reassuring to see that the local support that our CFDCs have delivered through the RRRF is making a difference for many of them.”

- Kate Young, Parliamentary Secretary to the Minister of Economic Development and Official Languages (FedDev Ontario and Official Languages)

Contact

For more information or to discuss your application please contact:

Executive Director, Vince Killen
705-328-0261 ex 24

*Regional Relief and Recovery Fund support available through the Kawartha Lakes CFDC has been fully committed. Eligible organizations are encouraged to contact us directly to discuss other funding or liquidity relief options available. Businesses and organizations seeking a loan over $60,000, or those located outside the service area of a CFDC, may wish to apply for funding through FedDev Ontario.