Community Futures supporting Rural Communities
Regional Relief and Recovery Fund (RRRF) Guidelines
Small and Medium sized Enterprises, Not-For Profit organizations including Social Enterprises that provide support services to SMEs (such as business or sector-based organizations) as well as those engaging in commercial activities in Venture Niagara Community Futures Development Corporation’s service area. This area includes the municipalities of Fort Erie, Grimsby, Lincoln, Niagara Falls, Niagara-on-the-Lake, Pelham, Port Colborne, St.Catharines, Thorold, Wainfleet and Welland.
Priority will be given to sole proprietors, tourism businesses and “main street” businesses, such as retail shops, restaurants, corner stores etc. and businesses of strategic importance to the community.
Eligible applicants must also meet the following criteria which will be captured in an attestation form:
- Established prior to March 1, 2020
- Impacted adversely due to the COVID-19 pandemic
- Viable and not experiencing financial pressures or other financial difficulties prior to March 1, 2020
- Have attempted to access other federal/provincial 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/provincial supports
- Have not or will not apply or accept other Government of Canada equivalent support
* Note that businesses may also be eligible to receive RRRF funds from FedDev Ontario but will not receive RRRF assistance from both Venture Niagara and FedDev Ontario.
The REGIONAL RELIEF & RECOVERY FUND is intended for those businesses that have not been able to receive any other Government of Canada COVID-19 related funding. If you have received any of the following programs (or are planning to apply for them) you are not eligible for the REGIONAL RELIEF & RECOVERY FUND:
- Business Credit Availability Program (BCAP)
- Canadian Emergency Business Account (CEBA)
- Canadian Emergency Commercial Rent Assistance (CECRA) - Received by the applicant's landlord
- Canada Emergency Rent Subsidy (CERS) - Received by the applicant
- Canada Emergency Wage Subsidy (CEWS)
- CRA Temporary 10% Wage Subsidy
- Service Canada Work-sharing program
- NRC-IRAP Wage Subsidy
- Emergency loans through CFDCs
- Indigenous Business Support Loans
- BDC Co-Lending Program for SMEs
- Other federal and/or provincial programs announced, please specify
If you have not received any of the above noted programs and you are in Venture Niagara’s service area, you are eligible to apply for RRRF through this office.
Note: If you receive assistance in the future under the CEBA (or any other Government of Canada or Government of Ontario program) you must notify Venture Niagara immediately at which time the loan from Venture Niagara will become unconditionally repayable with no forgivable portion.
About the Loan
- Maximum assistance will be $60,000
- 0% interest and no principal payments until December 31, 2022
- Principal repayments can be voluntarily made at any time
- 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.
If You Are Eligible You Can Start the Application Process
Regional Relief and Recovery Fund Application Deadline is March 22, 2021.
If you have not received any of the above noted programs and you are in Venture Niagara’s service area, register for a REGIONAL RELIEF & RECOVERY FUND application by clicking on this email email@example.com Please include your contact details such as Name, Business Name and Phone Number. You will then receive the application package.
Tel. 905.680.8085 www.ventureniagara.com