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The Regional Relief and Recovery Fund (RRRF) provides interest-free loans up to $40,000 with a 25% forgivable portion providing support to businesses and social enterprises impacted by COVID-19 and established prior to March 1, 2020.
If you have received assistance from any of the following programs, you are not eligible for the 25% forgivable portion.
- Business Credit Availability Program (BCAP);
- Canadian Emergency Business Account (CEBA);
- Canadian Emergency Commercial Rent Assistance (CECRA);
- Canada Emergency Wage Subsidy (CEWS);
- CRA Temporary 10% Wage Subsidy;
- Service Canada Work-sharing program;
- NRC IRAP Wage Subsidy;
- Indigenous Business Support Loans;
- BDC Co-Lending Program for SMEs; or
- Other federal programs
Eligible Costs
Financing support is available for businesses and organizations affected by COVID-19. Some examples include:
- Operating costs
- Payroll
- Working Capital
- PPE and other pandemic safety measures
Not sure if you qualify? Contact us for more information.
Program Guidelines
- Loans from $5,000 up to $40,000
- 0% interest and no principal payments until December 31, 2022
- Principal repayments can be voluntarily made at any time
- 25% of any loan can be forgiven (not to exceed $10,000) 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, 2023
Questions? Contact HCDC at 705-457-3555 or email Sara Joanu, Loans Officer or Patti Tallman, Executive Director
Application Documents
