The Regional Relief and Recovery Fund (RRRF) 

The Regional Relief and Recovery Fund (RRRF) offers financial support for First Nations Peoples, communities and organizations throughout Southwestern Ontario and the Bruce Peninsula that are unable to access federal and provincial relief funding programs, or are unable to obtain a loan/credit from traditional financial institutions.

Eligible businesses interested in a Regional Relief and Recovery Fund loan will be expected to provide the TCDC with a completed application and supporting documents. Maximum assistance under the program will be $40,000 to be used for operational costs, staff related costs, and costs related to the return to operations for those businesses which have been closed.

Loans will be provided at 0% (zero) interest, with no scheduled principal payments until December 31, 2022. Principal repayments can be made at any time and 25% (not to exceed $10,000) of the 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 interest rates up to 5%, effective January 1, 2023. The full balance must be repaid by no later than December 31, 2025. 

Guidelines

RRRF loans are meant to help small businesses with ongoing operating costs (rent, wages, utilities, taxes, etc.) for a 4-MONTH PERIOD.

Maximum assistance for the Emergency Loan Fund under this program is $40,000* (* credit check is required).

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 interest rates up to 5%, effective January 1, 2023. The full balance must be repaid no later than December 31, 2025.

No application deadline, applications will be accepted until funding pool is depleted. 

Eligibility

Eligible Applicants must meet these following requirements:

Established prior to March 1, 2020.

Impacted adversely due to COVID-19 pandemic.

Viable and not experiencing financial pressures or other financial difficulties prior to March 1, 2020.

Have attempted to access other federal or provincial relief supports and were ineligible, rejected or require funding for expenses in excess of support already received with priority given to applicants who were ineligible or rejected from other federal and provincial relief supports.

Sign an owner’s personal guarantee.

Complete the loan application and provide personal financial statement, 2019 financial statements (in-house financial statements are acceptable if you have not filed), first quarter financial statements (January to March 2020), and a projected cash-flow for a 4-month period.

Corporate and Personal Income Tax filing must be up to date.

Provide a copy of the Master Business Licence or Incorporation papers 

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