Haven’t been able to access existing federal measures? Your business could qualify for an interest-free loan through the new Regional Relief and Recovery Fund.
FedDev Ontario's 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.
Eligible applicants must:
Are Sole Proprietorships Eligible?
- 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.
Funding offered through Community Future Development Corporations (CFDCs) is intended to support "main street" businesses and sole proprietors, including, for example, retail shops, restaurants, and corner stores, as well as businesses of strategic importance to the community. These SMEs must be located in a community serviced by the local CFDC. CFDCs will deliver loans up to a maximum of $40,000.
Venture Niagara is Niagara's local CFDC and is offering application packages to interested businesses. They can be reached at 905 680 8085.
Venture Niagara COVID-19 Business Loan
In adition to the Regional Relief and Recovery Fund, Venture Niagara has created a COVID-19 Business Loan available to Niagara businesses. The loan details and the application process for a Venture Niagara COVID-19 Business Loan are as follows:.
- Loans from $2,500 - $15,000.
- 3 year amortization.
- Fixed interest rate of 2.45% for the first year with interest only payments in year one.
- Fixed interest rate of 3.45% for the balance of the loan.
- Principal & interest payments start in year two and continue to the end of the loan.
- The loan is repayable anytime in part or in full without penalty.
Learn more about the Venture Niagara COVID-19 Business Loan at www.ventureniagara.com/covid-19-business-loan/
- To assist with the hardships of the COVID-19 pandemic on the applicant’s business.
- Loan is not to be used to repay current loans, operating lines, or credit card debt.
- The business must be based in Venture Niagara’s service area including the following municipalities: Fort Erie, Grimsby, Lincoln, Niagara Falls, Niagara-on-the-lake, Pelham, Port Colborne, St. Catharines, Thorold, Wainfleet and Welland.
- Reasonable personal financial investment must be shown by the applicant.
- Business must have been in operation for at least one year prior to March 1, 2020.
- Good personal credit rating.
- Demonstrated ability to repay.
- Competent management.
- Future economic viability of the business.
- Loan application are to be submitted by May 31, 2020.