Trenval to Offer Regional Relief and Recovery Fund for Businesses Affected by COVID-19
To offer additional support to businesses during the COVID-19 pandemic the Government of Canada announced the Regional Relief and Recovery Fund (RRRF). Part of RRRF will see $39.4 million to support rural businesses with access to capital through Community Futures Development Corporations in Southern Ontario. The Trenval CFDC office will receive $994,888 for its local catchment area.
The Regional Relief and Recovery Fund (RRRF) will provides interest-free repayable loans to help small- and medium-sized enterprises (SMEs) with fixed operating costs, where business revenues have been affected by the COVID-19 pandemic. There will be a 25% forgivable portion of the approved amount if repaid in full by December 31, 2022.
“Small businesses are at the heart of our local economy and many have not been able to access any of the government support programs. This local funding will help struggling “main street” businesses including retail shops, restaurants and social enterprises with financial support to weather the impact of COVID-19”, said Amber Darling, Executive Director of Trenval.
Applications for RRRF will open on the Trenval website on Tuesday, May 19.
Incorporated SMEs with funding needs of $40,000 or more should apply directly through FedDev Ontario, as RRRF funding through CFDCs will be limited to contributions of $40,000 or less. Please visit the FedDev Ontario website