$39.4 million in funding available through CFDCs, of which the Orillia Area CDC is one, to help local small businesses weather the COVID-19 pandemic.

 

The Regional Relief and Recovery Fund (RRRF) provides 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 southern Ontario, $252.4 million is available, through two separate application streams, as follows:

  1. Apply directly to FedDev Ontario: $213 million for SMEs facing financial pressure; or
  2. Apply to your local CFDC (i.e. Orillia Area CDC): $39.4 million to provide rural businesses with access to capital and technical support

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

Due to high demand, we are no longer accepting applications for this program.  If you had an application in process, we invite you to complete your submission but cannot guarantee that enough funds will be available until we process the applications we have received.  We thank you for your interest.

The RRRF fund is intended to support businesses who 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. Details of the program are as follows: 

  • Maximum assistance under RRRF offered through the Community Futures program is $40,000
  • 0% interest rate and no principal payments until December 31, 2022
  • Principal repayments can be voluntarily made at any time
  • 25% (not to exceed $10,000) of any loan can be forgiven provided the recipient has paid 75% of the original loan amount prior to December 31, 2022
  • If the recipient is unable to repay the loan by December 31, 2022, the loan will be converted to a three-year term loan with an interest rate of 5%, effective January 1, 2023. The full balance must be repaid no later than December 31, 2025

Eligible 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

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.