NEW funding announced to help support small and medium-sized businesses that do not qualify for, or have been declined for, current Government of Canada COVID-19 relief funding. The Regional Relief and Recovery Fund (RRRF) will be delivered by Canada’s six regional development agencies. In southern Ontario, $252.4 million is available, which is comprised of $213 million for small and medium-sized businesses facing financial pressure; and $39.4 million to provide rural businesses with access to capital and business support.
Priority may be given to businesses in the 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.
There are two funding options: 1) up to a $40,000 conditionally repayable contribution (interest-free loan) and 2) up to $500,000 unconditionally repayable contribution (interest-free loan). For more information about the program, including how to apply, please see the program guidelines and the frequently asked questions.