Funding available through CFDCs, of which the Orillia Area CDC is one, to help local small businesses weather the COVID-19 pandemic.

The CDC has received additional funding to support local businesses and social enterprises. We invite all organizations who meet the eligibility criteria to apply. However, funding is limited and as such, we suggest submitting your application as soon as possible.

The Regional Relief and Recovery Fund (RRRF) provides financial contributions (interest-free loans, with the option for a forgivable portion) to help support fixed operating costs of SMEs, where business revenues have been affected by the COVID-19 pandemic.  

In southern Ontario, funding is available through two separate application streams, as follows:

  1. Apply directly to FedDev Ontario
  2. Apply to your local CFDC (i.e. Orillia Area CDC)

The Orillia Area Community Development Corp. (CDC) is a federally supported not-for-profit Community Futures Development Corporation with a volunteer Board of Directors and professional staff whose purpose is to enrich the local economy through coaching, training and financing businesses, and fostering community economic development projects. The CDC has been supporting businesses in the community for over 35 years.

 

Funding available through the Orillia Area CDC

The Regional Relief and Recovery Fund (RRRF) will provide financial support directly to SMEs to address COVID-19 impacts on rural and remote communities, contributing to their short-term stability. This access to financing will support SMEs that do not qualify for, have been rejected from, or require funding for expenses in excess of the support already received from current Government of Canada COVID-19 relief measures.
Applications can be submitted for loans of up to $40,000, offering the following terms:

0% interest and no principal payments required until March 31, 2023;
25% (not to exceed $10,000) of any loan will be forgiven provided that 75% of the original loan amount is paid prior to March 31, 2023;
If unable to repay the loan by March 31, 2023, the balance will be converted to an additional three-year term loan with an interest rate of 5%, effective April 1, 2023 with no forgivable portion. The contribution must be fully repaid by March 31, 2026.

Eligible applicants must meet the following criteria:

• Be located in the CDC coverage area, which includes: the City of Orillia; the Townships of Oro-Medonte, Severn, and Ramara; and the Chippewas of Rama First Nation;
• Be established prior to March 1, 2020;
• Be impacted adversely due to the COVID-19 pandemic;
• Be viable and not experiencing financial pressures prior to March 1, 2020;
• Have attempted to access other federal relief supports and were ineligible, rejected, or require funding for expenses in excess of support already received; and
• Have not or will not accept other Government of Canada equivalent support.

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.

 

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.