The goal of the Access to Capital Program under the Eastern Ontario Development Program(EODP) is to provide funds to support incremental projects that will assist in the long term economic development of Renfrew County. Through providing Access to Capital for building retrofit, our region will benefit from more desirable options for places to conduct business, while limiting the financial burden for building improvements that is typically borne by the occupant business of the building.
The maximum amount of financing received under Access to Capital is $25,000. This loan is non-interest bearing(0%) and paid back over 1-5 years.
Eligible Recipients
- Non-profit organizations;
- Municipalities;
- Municipal organizations;
- Community development organizations;
- Associations;
- Legal commercial entities including individuals, corporations, partnerships, cooperatives or trusts;
- Aboriginal organizations.
Eligible Projects
Projects must:
- Retrofit vacant or underutilized commercial, industrial or retail lands and properties.
- Projects must be incremental and demonstrate an increase in the marketability of the building or region and, where possible, demonstrate the potential for increase in employment.
Eligible Costs Include
- Direct Capital costs;
- Costs must be incremental, reasonable and directly relate to the project activities;
Funding Criteria
- Applicants seeking assistance for façade improvements will be eligible for up to $25,000 in re-payable, non-interest bearing loans to be amortized over a period up to 5 years;
- Impact on community economic development in Renfrew County;
- Building or property must be located in Renfrew County;
- Applicant can be the owner of the building or vacant land;
- All funds must be expended by February 1, 2011.
Application Process
Potential applicants may contact Janice Hollingworth, Business Development Officer, Renfrew County Community Futures Development Corporation at 613.735.3951 ext. 223 prior to completing an application to ensure it fits the criteria.
Receipt of an application by RCCFDC does not indicate a commitment for funding.
Applications for funding from eligible recipients will be reviewed by staff and presented to the RCCFDC Investment Committee who will be responsible for vetting applications and recommending projects to the Board of Directors for approval.
If the application is approved, RCCFDC will prepare a letter of offer with terms, conditions, and repayment schedule. Disbursements may be tied to the achievement of specific goals.
RCCFDC staff will monitor individual projects and provide progress reports to the Investment Committee and Board. Proponents will provide ongoing reports as required and will submit a final report upon completion.
Evaluation Criteria
- Not produce market disruption;
- Be incremental and demonstrate an increase in the marketability of the building or region and where possible, demonstrate the potential for increased employment;
- Applicant’s ability to repay the loan;
- Applicant’s credit history;
- Availability of adequate security;
- Level of applicant’s investment (projects demonstrating investment by the applicant will be given priority);
- Impact of the project on the competitiveness of the applicant
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