Regional Relief and Recovery Fund – FAQ

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Q1.     What does this new funding include?

A1.     This is a special one-time relief fund established by the Government of Canada to

support businesses, organizations and communities impacted economically by the COVID-19 pandemic.

On May 13, 2020 FedDev Ontario launched the RRRF for SMEs in Southern Ontario facing financial pressures due to COVID-19.

As a strategic partner, Renfrew County Community Futures Development Corporation (RCCFDC) is well-positioned as a key resource in our communities to offer the targeted support needed by local SMEs. The RRRF in Renfrew County is capped at $995,000.

 

Q2.     What does this funding support?

A2.     The government has introduced several measures to support businesses affected by COVID-19, as part of the Government of Canada’s COVID-19 Economic Response Plan. Small businesses are the backbone of our economy and many have limited access to traditional financial institutions or other business service providers.

The RRRF is targeted support for SMEs that do not qualify for, or have been declined for, current Government of Canada COVID-19 relief measures.

Funding is available through two streams:

  1. Direct support through FedDev Ontario for SMEs facing financial pressure due to COVID-19. http://www.feddevontario.gc.ca/RRRF
  1. Support through RCCFDC focusing on “Sole Proprietorship main street” businesses and small/micro enterprises, including, for example, retail shops, restaurants, corner stores, tourism related businesses etc. and businesses of strategic importance to the community or a social enterprise. Eligible SMEs can apply by going to directly through our website rccfdc.org/financing

Applicants must demonstrate through an attestation that they have not or will not apply for or accept other equivalent Government of Canada support.

 

Q3.      What support does this funding offer to small businesses in rural southern Ontario?

A3.      RRRF, loans provided by RCCFDC to businesses in Renfrew County are intended to help support fixed operating costs, where business revenues have been affected by the COVID-19 pandemic.

RCCFDC will be able to issue loans to a maximum of $40,000 at zero percent interest. If the loans are repaid in full prior to December 31, 2022, 25 percent (to a maximum of $10,000) will be forgiven.

Applicants interested in higher amounts should apply directly to FedDev Ontario. http://www.feddevontario.gc.ca/RRRF

 

Q4.      Who can apply for funding and what are the eligibility criteria?

A4.      This new funding supports businesses impacted by the COVID-19 pandemic who are unable to access existing federal relief measures.

If you are an SME in Renfrew County interested in a loan to a maximum of $40,000 to help your business, you may be eligible to receive RRRF support from RCCFDC.

Please note there are thousands of businesses in Renfrew County that may be eligible for funding from the RRRF and in an effort to support as many businesses as possible, applications may not be approved for the amount of the original request.

Eligible Applicants:

  • Funding is available to SMEs that are either ineligible or rejected from other government relief measures, or that have operating expenses in excess of the support received.
  • RCCFDC will give priority to “Sole Proprietorship main street” businesses and small/micro enterprises, including, for example, retail shops, restaurants, corner stores, tourism related businesses etc. and businesses of strategic importance to the community or a social enterprise.
  • Eligible applicants must also meet the following criteria which will be captured in an attestation.
  • established prior to March 1, 2020
  • impacted adversely due to the COVID-19 pandemic
  • viable and not experiencing financial difficulties prior to March 1, 2020
  • have attempted to access other federal relief 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 relief supports.

* Note that businesses may also be eligible to receive RRRF funds from FedDev Ontario but may not receive RRRF assistance from both a RCCFDC and FedDev Ontario.

Applicants must demonstrate through an attestation that they have not or will not apply or accept other equivalent Government of Canada support.

 

Q5.      What are the lending terms required for the loans coming from this funding?

A5.      Loans made by RCCFDC will include the following terms:

  • Zero percent interest until December 31, 2022.
  • No principal payments until December 31, 2022.
  • Principal repayments can be made voluntarily at any time.
  • 25 percent up to a maximum of $10,000 in loan forgiveness is available, provided the outstanding balance is repaid by December 31, 2022.
  • If any part of the balance is not paid by December 31, 2022, the remaining balance will be converted to a term loan at up to five percent annual interest. Effective January 1, 2023.
  • The full balance must be repaid no later than December 31, 2025.

 

Q6.      What is the application process?

A6.      Applications for funding under the RRRF program from RCCFDC will be available on our website on Tuesday, May 19, 2020 by 4 PM EST.

The application process will be publicly available until all funding is allocated which is expected to be exhausted over the next 6-8 weeks.

Applicants are encouraged not to delay in submitting applications as demand is expected to be very high.

To Apply:

  • Go to 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 (Please note the application will not be live until Tuesday, May 19, 2020 at 4 PM EST). 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

 

Q7.      What considerations will drive funding decisions?

A7.      RCCFDC will prioritize assistance to “Sole Proprietorship main street” businesses and small/micro enterprises, including, for example, retail shops, restaurants, corner stores, tourism related businesses etc. and businesses of strategic importance to the community or a social enterprise.

Eligible SMEs will have to demonstrate the financial hardship they are experiencing as a result of COVID-19 and the need for financial assistance to support their fixed operating costs during this period.

While SMEs that have already received funding from other federal relief measures can still apply if their funding requirements exceed support received to-date, priority will be given to SMEs who have been deemed ineligible or declined from accessing other COVID-19 federal relief measures.

 

Q8.      When will decisions on applications be made and announced?

A8.      Applications will be assessed as they are received. RCCFDC will respond as quickly as possible using a streamlined approach and communicate directly with the applicant once a decision has been made.

 

Q9.      Can I apply if I am already receiving Government of Canada funding?

A9.      This funding is intended to address gaps for firms that are ineligible under other Government of Canada COVID-19-related support programs.

If you have attempted to access other relief federal supports and are ineligible or were declined, or if you received funding and have operating expenses in excess of the support received, you may apply (please note that priority will be given to those who have been rejected or ineligible for receiving other government relief measures).

Applicants must demonstrate through an attestation that they have not or will not apply or accept other equivalent Government of Canada support.

  

Q10.    How does this Fund differ from other COVID-19 funding measures announced?

A10.    This funding is intended to help support fixed operating costs of SMEs, where business revenues have been affected by the COVID-19 pandemic. It is intended to address gaps for SMEs that are ineligible under other federal COVID-19-related support programs, or that have operating costs in excess of the funding they have received.

 

Q11.    Can a tourism-related business or organization apply for funding?

A11.    Yes, tourism-related businesses can apply. However, funding is not available for not-for-profit tourism organizations.

 

Q12.    Is there support available to Indigenous businesses?

A12.    Yes. Indigenous SMEs are encouraged to apply through the RCCFDC that services their community. They are also eligible to apply directly to FedDev Ontario for support under the RRRF.

Similar to other applicants, Indigenous SMEs will have to demonstrate that they were either unable to access other government relief measures or require additional support.

Applicants are encouraged not to delay in submitting applications as demand is expected to be high.

 

Q13. Can a business apply to both FedDev Ontario and RCCFDC?

A13.    A business may apply to both FedDev Ontario and a RCCFDC but cannot receive RRRF funding from both.

If you are a rural “Sole Proprietorship main street” businesses and small/micro enterprises, including, for example, retail shops, restaurants, corner stores, tourism related businesses etc. and businesses of strategic importance to the community or a social enterprise interested in a loan of up to $40,000 to support your COVID-19-affected business, you should consider applying for RRRF support from your local RCCFDC.

Corporations seeking up to $40,000 or firms interested in higher rates of support should apply directly to FedDev Ontario. Please visit the FedDev Ontario website and review the program information and applicant toolkit for more information and help determining which stream is right for you. Should you have additional questions, please call your local RCCFDC.

  

Q14.    What support is available for businesses that do not fit into the two streams?

A14.    The Government of Canada has introduced a number of measures to support businesses, organizations, workers and communities through the COVID-19 global challenge, as part of Canada’s COVID-19 Economic Response Plan.

As well, FedDev Ontario offers a number of existing programs and services to help businesses, not-for-profits and communities grow.

RCCFDC is also there to offer technical support and financing for rural businesses.

 

Q15:   Since RCCFDC offered a COVID-19 Relief Loan since March 18, 2020 at         preferred interest rates, can these loans be redone under the new RRRF               

stream at zero percent? 

A15:    No! The intent of the RRRF is to support businesses that have

been rejected or ineligible for other government relief measures. If a SME is already receiving assistance through a RCCFDC emergency loan, it would be difficult to argue they meet that criteria. If the financial need is greater than what was already provided through the RCCFDC emergency loan, these SMEs can be encouraged to apply for additional support under the RRRF if they meet the criteria. To be clear, under no circumstance can an existing RCCFDC emergency loan be transferred/ported over into an RRRF loan.

 

 

Announcing the COVID-19 Regional Relief and Recovery Fund

RRRF 1

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.  The Fund, valued at more than $962 million nationally, is delivered by Canada’s six regional development agencies.

In southern Ontario, $252.4 million is available as follows:

  • $213 million for SMEs facing financial pressure; and
  • $39.4 million to provide rural businesses with access to capital and technical support, delivered by southern Ontario’s Community Futures Development Corporations.

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
    • 25% (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.

Applications can be submitted for:

  • Loans of up to $40,000 to help address working capital needs.

The application form will be posted to the website by 4PM Tuesday, May 19, 2020.

To Apply:

  • Go to 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 (Please note the application will not be live until Tuesday, May 19, 2020 at 4 PM EST). If you don’t receive an automatic email within five minutes (don’t forget to check your junk mail), contact info@rccfdc.org
  • Email your completed application to submissions@rccfdc.org

Funding available through FedDev Ontario

FedDev Ontario is delivering $213 million in funding support to SMEs impacted by COVID-19 that do not qualify for, or have been declined for, current Government of Canada COVID-19 relief measures.

Should you be interested in a loan of $40,000 or more and meet the following eligibility criteria, you may wish to apply to FedDev Ontario for direct funding.

Eligible applicants must:

  • 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.

For the RRRF funding provided directly by FedDev Ontario, priority may be given to SMEs that fall within the manufacturing, technology, tourism and other sectors key to the region, that are major employers in small communities, or that support the government’s commitment to underrepresented groups.

For more information, please visit the FedDev Ontario website and consult the Applicant Toolkit.

Please note: Applicants will not receive RRRF assistance from both RCCFDC and FedDev Ontario. Review the program guidelines to see which stream is right for you and contact us if you have any questions before applying.

Attention All Small Businesses in Renfrew County – COVID-19 Relief Loan

If you or someone you know is struggling through this unprecedented time, please be advised that in direct response to local needs, Renfrew County Community Futures Development Corporation (RCCFDC) is currently offering a Special “Relief Loan”at 2.95% to qualifying existing and new small business clients. As part of the Relief loan, all payments will be deferred and interest forgiven to July 31, 2020.

This loan is to assist with working capital or other expenses you expect to have an economic impact on your business due to COVID -19

 

To apply for the Relief Loan, go to www.rccfdc.org/financing to request the loan application.

For any questions, please contact Mike Thompson, Business Development Officer, at mike.thompson@rccfdc.org

Relief Loan FB post (4)

(COVID-19) Support for Small and Mid-Size Enterprises in Renfrew County that are impacted by the Coronavirus Pandemic

In direct response to our clients advising us of the impact on their businesses and the need for support, Renfrew County Community Futures Development Corporation (RCCFDC) is responding at this unprecedented time with the following:

For the period of March 18, 2020 – July 31, 2020, monthly Loan Payments for all existing clients will be suspended until August 1, 2020 (the principal portion of the payment will be deferred, and interest costs forgiven until July 31, 2020). The Life Insurance component will be collected monthly. We will continue reassessing the economic impact of COVID-19 and may find it necessary to make further amendments as needed.

RCCFDC will also be offering a Special Loan (identified as “Relief Loan”) at 2.95% to both existing and new clients. The loan is to assist with working capital or other verified expenses you expect to have an economic impact on your business due to COVID -19.  The features of the Relief Loan are as follows:

Loan Amount and Term

  • $20,000 – 2.95%; 5-year term
  • $15,000 – 2.95%; 4-year term
  • $10,000 – 2.95%; 3-year term
  • $5,000 – 2.95%; 2-year term

Payment:

  • Payments will be suspended until August 1, 2020 (Interest costs will be forgiven until August 1, 2020). The Life Insurance component will be collected monthly.

Security:

  • Promissory Note (and supporting resolution if required)
  • General Security Agreement
  • Personal Guarantee
  • Life Insurance

To apply for the Relief Loan, go to https://www.rccfdc.org/financing/ to request the loan application.

If additional funding is required, please contact Mike Thompson, Business Development Officer, mike.thompson@rccfdc.org as more information may be requested.

RCCFDC is closely monitoring this developing situation and is available to assist all Small and Mid-Size Enterprises in Renfrew County with financial support and counselling services.

COVID-19 NOTICE

Out of caution for the health of Renfrew County CFDC employees, clients and communities, we are implementing a series of measures intended to support business continuity for ourselves and clients while supporting the goals of social distancing in arresting the impact of COVID-19.

We remain committed to serving our clients during this challenging time. Effective March 17th, the following decisions have been implemented until further notice:

1. Our staff continues to be available for client servicing via telecommunication/electronic methods of phone, email and conferencing.

2. By exception, and solely business critical, we will be accessible by scheduled appointment.

Like all Canadians, we are closely monitoring official announcements and expect to respond as this fluid situation continues to evolve. The Government of Canada has launched a new web page (click here) to provide Canadian businesses with a one-stop-shop for the resources they need to make informed decisions while navigating the challenges of COVID-19 in an interconnected global economy.

Concurrently, we are also proactively working with our many partners and colleagues to collaborate on responses to the changing needs of our clients. Please watch our website and social media feeds for ongoing updates.

We thank you for your patience during this difficult time and encourage all to be, and stay, well.

Diane McKinnon, Executive Director

Renfrew County Community Futures Development Corporation

FanSaves Wins RC100 2019

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Renfrew County Community Futures Development Corporation Announces the Winner of its Second Startup Competition

August 14, 2019 5:00 PM Eastern Daylight Time

PEMBROKE, Ontario–After three intensive rounds of competitive down-selection, FanSaves won the second annual RC100 Startup competition, securing $100,000 in early-stage investment from Renfrew County Community Futures Development Corporation (CFDC).

FanSaves is a platform that helps sports teams and other organizations activate their fan base, increase engagement and compile valuable customer data and ROI. Their mobile app gives fans discounts and deals from sponsors of their favourite teams and organizations. Each redemption is tracked in a dashboard, unique to each team and sponsor, and gives them customer analytics and a way to track return on investment.

“We want to prove that you don’t have to live in Silicon Valley to be a successful tech company. We want to show the world that Renfrew County is THE place to do business and we want to prove that a rural county can help produce a world-class tech startup. The RC100 investment will make this possible”. Shannon Ferguson, Co-Founder & CEO FanSaves.

The competition, which began in February of this year with 28 entries, officially ended today at the SRB Technologies Inc. RC100 Startup Reception held at the Pembroke & Area Airport.

“We are excited to be backing FanSaves” said Ray Bonenberg, Chair of Renfrew County CFDC’s Board of Directors. “The innovative software is impressive but even more so, the people who are behind its commercialization. Congratulations to all.”

 

About FanSaves

FanSaves is disrupting the way teams (including sports teams, organizations, towns and BIAs, e-sports, events, festivals, universities and colleges, and influencers) sell sponsorship and advertising by giving businesses who sponsor these entities a way to track their return on investment, as well as valuable customer data. Their app is the first platform that connects fans to multiple teams and their sponsors all in one place; activating their fan bases and encouraging them to spend money at the businesses that support their favourite or local teams. Incentivizing people with discounts and deals on the FanSaves app, not only helps them save money but also promotes shopping local, enhances tourism in areas that are on FanSaves and acts as a conduit to help inform people (whether they are from the area or out-of-town) of places they can eat, shop, stay or get services at.

Find out more at www.fansaves.com

About RC100

RC100 is supported by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) and modelled after the successful N100, Northumberland’s CFDC’s open invitational technology startup competition. Delivered by Renfrew County CFDC in collaboration with L-SPARK, Startup Canada and Invest Ottawa, and through sponsorship by BDC, Algonquin College, City of Pembroke, Renfrew County Economic Development Department, MathWorks, Budgeto, SRB Technologies Inc. and powered by Reviewr, RC100 will enter its third year with a call for applications in January, 2020. Visit us online at www.rc100.ca.

About FedDev Ontario

FedDev Ontario actively works to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation and growth in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in businesses that are creating innovative technologies, improving their productivity, growing their revenues, and in the economic advancement of communities across the region. For more information, visit www.FedDevOntario.gc.ca.

 

Contacts

Renfrew County CFDC‘s Executive Director, Diane McKinnon at 613 431 3951 ext. 222 or diane.mckinnon@rccfdc.org

or

Renfrew County CFDC’s Loan Manager, Mike Thompson at 613 431 3951 ext. 223 or mike.thompson@rccfdc.org

RC100 IS BACK

 

RC100 2019

Are you ready to take your start-up to the next level???
Now accepting applications for RC100 2019!

To see if you/re business is eligible, go to WWW.RC100.CA

Deadline for Applications is April 30, 2019

 Riverwood Acoustics wins RC100 2018

Renfrew County Community Futures Development Corporation Announces the Winner of its First Startup Competition

August 24, 2018 5:00 PM Eastern Daylight Time

RC100 winner

PETAWAWA, Ontario–After three rounds of competitive down-selection, Riverwood Acoustics won the first annual RC100 Startup competition, securing $100,000 in early-stage investment from Renfrew County Community Futures Development Corporation (CFDC).

Riverwood Acoustics is a Renfrew County-based designer and manufacturer of one-of-a-kind premium home bluetooth speakers made from reclaimed riverwood.  The company focuses on sound excellence, build quality and aesthetics. Their branding is built around the connection to local culture and the unique use and conscientious sourcing of reclaimed wood.  Historic, Artful, Unrivaled. Once in full production, the company will create up to 12 full-time positions and influence over 30 positions indirectly through contract manufacturers in Renfrew County.

“We are thrilled to win RC100 and to have the support of Renfrew County CFDC and the business community in establishing home audio wireless products locally,” said Riverwood Acoustics founder Ben Seaman. “This investment in innovation—along with guidance in optimizing our productivity and performance—will position Riverwood Acoustics for sustained growth as we continue to deliver and deploy our units with customers across North America and around the world.”

“Our objective is to become a world leader in premium home wireless speakers made from reclaimed riverwood,” explains Seaman. “A truly unique product that will compete with style and sound quality that allows us to provide beautiful, high-fidelity home wireless speakers that are made from 100%  reclaimed riverwood to our customers.”

Based on their exceptional performance in the RC100 Top 4, Renfrew County CFDC is looking at utilizing a broader suite of programs to develop finding opportunities for the other finalists.

The competition, which launched in February of this year with 35 entries, officially ended today at the SRB Technologies Inc. RC100 Startup Reception, held at the Garrison Petawawa Golf Club.

“We are excited to be backing Riverwood Acoustics,” said Paul Curtis, Chair of Renfrew County CFDC’s Board of Directors. “The technology is impressive but even more so, the people who are behind its commercialization. Congratulations to all.”

About Riverwood Acoustics

Riverwood Acoustics a Renfrew County-based company, founded by Ben Seaman and Scott Rathwell, which offers premium, high-fidelity speakers that are made of 100% reclaimed riverwood that can be showcased in your home or business.  Features include:  Bluetooth AptX – CD quality wireless transfer; Reclaimed Wood – Solid birch premium enclosure; Power Amp – 40 W rms low distortion simplifier; Bass Extension – Dual passive bass radiators; High Fidelity – 3” and full range acoustical perfection; and RCA I/P – Left/right RCA inputs for AUX connections. The wood used in the speakers is known as “old growth” timber, which grew hundreds of years ago under ideal conditions thanks to lower light, cooler temperatures, and optimal soil conditions. This resulted in a stronger, tighter and denser grain wood compared to current cuts of wood. These logs are retrieved from the depths of the Ottawa River by eco-divers, kiln-dried and handcrafted into a unique, rare speaker that boasts unparalleled sound quality.  Find out more at www.riverwoodacoustics.com.

About RC100

The competition is modelled after the successful N100, Northumberland CFDC’s annual open invitational $100,000 technology startup competition. RC100 is delivered by Renfrew County CFDC, which is supported by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), in collaboration with N100, the Impact Centre at the University of Toronto and Invest Ottawa. It is supported by BDC, Algonquin College, City of Pembroke, Renfrew County Economic Development Department, Edwards Professional Corporation, MathWorks, BUDGETO, SRB Technologies Inc. and powered by Reviewr. RC100 will enter its second year with a call for applications in January 2019. Visit us online at www.rc100.ca.

 

Contacts

Renfrew County CFDC‘s Executive Director, Diane McKinnon at 613 431 3951 ext. 222 or diane.mckinnon@rccfdc.org

or

Renfrew County CFDC’s Loan Manager, Mike Thompson at 613 431 3951 ext. 223 or mike.thompson@rccfdc.org

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