November 17, 2020 RCCFDC

RRRF REOPEN – NOW ACCEPTING APPLICATIONS

RRRF 2

The Regional Relief & Recovery Fund has REOPENED!

To Apply:

  • Go to www.rccfdc.org/financing
  • Scroll down to the fillable form; enter your contact information and click “send”.
  • An application will be automatically sent to your email address. If you don’t receive the application within five minutes (don’t forget to check your junk mail), contact info@rccfdc.org
  • Email your completed application to submissions@rccfdc.org

The 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.

Funding available through RCCFDC:

In order to provide targeted assistance to the small towns and communities they serve, RCCFDC will focus on assisting sole proprietorship “main street” businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to their communities, with loans up to $40,000.

Details of the RRRF Loan:

  • Maximum assistance will be $40,000
  • 0% interest and no principal payments until December 31, 2022
  • Principal repayments can be voluntarily made at any time
  • 5% (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 of 5%, effective January 1, 2023. The full balance must be repaid no later than December 31, 2025.
  • Grants and non-repayable contributions are prohibited

Eligible RCCFDC applicants must also meet the following criteria:

  • Established prior to March 1, 2020;
  • Impacted adversely by the COVID-19 pandemic;
  • Viable and not experiencing other financial difficulties prior to March 1, 2020;
  • Have attempted to access other federal relief supports and were ineligible, rejected, or require funding for expenses that have not been supported, with priority given to applicants who were ineligible or rejected from other federal relief supports.