Apply Now for RE3

re3

Northumberland CFDC and WindsorEssex Economic Development are working collaboratively within our regional entrepreneurial ecosystems to advance women-led SMEs across Southern Ontario, effectively positioning for rapid and positive post-pandemic economic recovery.  It’s time to restart your business and the new RE3 initiative is here to support you.

Canadian women entrepreneurs are key to our economic success as a country, and they make invaluable contributions to our communities. However, women still face unique and systemic barriers to starting and growing a business, and they remain underrepresented in our economy.

The COVID-19 pandemic has disproportionately impacted women entrepreneurs. It has severely affected sectors such as retail, hospitality and food services—sectors where women entrepreneurs are most present.

For these reasons, RE3 is focused on supporting and strengthening the position of Women-led SMEs in our economic recovery, reformation and revitalization.

With the support of FedDev Ontario, RE3 provides non-repayable performance-based contributions of up to $5,000 to assist Southern Ontario-based Women-led small and medium-sized enterprises (SMEs) to REBUILD, REOPEN and REVIVE their businesses.

On a competitive basis, RE3 offers a one-time, performance-based, and non-repayable funding of up to $5,000 for:

  • Acquisition of required/mandated Personal Protection Equipment (PPE)
  • Workspace reconfiguration to accommodate physical distancing
  • Hardware/software upgrades to enhance online capacity, client servicing, and accessibility.

Does RE3 align with your plan for business resilience and renewal? Then we encourage you to apply now! Click on the links below for more information or to apply.

For more information: https://financingandstrategy.com/re3/

To apply: https://app.reviewr.com/womenledsmes/site/SO_Women_Led_SMEs_Program 

 

FedDev Ontario supports women-led businesses to rebuild, reopen and revive in southern Ontario

RE3 Twitter EN

News release

Government of Canada invests $4 million to support over 700 women-led businesses across southern Ontario

July 17 2020 – Cobourg, Ontario

Women-led businesses often face unique challenges, which have been amplified by the impacts of COVID-19 on our economy. As the economy reopens, these businesses need support to adapt their operations and position themselves for a successful recovery.

Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, visited Venture13 in Cobourg, home of the Northumberland Community Futures Development Corporation (CFDC). There, she announced a $4-million FedDev Ontario investment in support of women entrepreneurs across southern Ontario, on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario.

With this investment through the Regional Relief and Recovery Fund (RRRF), the Northumberland CFDC and WindsorEssex Economic Development Corporation, in collaboration with regional partners, will deliver the Rebuild Reopen Revive Initiative to support women-led small- and medium-sized enterprises in rural and urban communities across southern Ontario. Both organizations will receive $2 million to provide non-repayable contributions of up to $5,000 to help eligible women-led businesses with key re-opening expenditures, including:

  • Acquisition of reusable personal protective equipment (PPE);
  • Reconfiguration of workspaces to accommodate social distancing impacts; and
  • Enhancing online capacity to improve accessibility and client service.

Over 700 women-led businesses will be supported through this initiative. Interested SMEs can visit Northumberland CFDC (eastern Ontario) or WindsorEssex Economic Development Corporation (southwestern Ontario) for more details or to apply.

While at Venture13, Minister Ng saw firsthand the entrepreneurship and innovation taking place at this thriving community hub, made possible with a $1.43 million FedDev Ontario investment in the Northumberland CFDC through the Women Entrepreneurship Strategy (WES) Ecosystem Fund in 2019. With this support, the Northumberland CFDC is working to improve access to capital for underrepresented women-led businesses through the development of an automated financial lending platform with an algorithm that removes gender bias. As part of a holistic approach, successful applicants are enrolled automatically into a concurrent program offering advisory and support services, networking, and access to office space through Venture13. The CFDC is supporting the growth of 30 women-led businesses through this initiative.

Support for women-led businesses in Peterborough

Minister Ng was later joined by the Honourable Maryam Monsef, Minister for Women and Gender Equality and Rural Economic Development, at the Imprinted Apparel Store in Peterborough, where the ministers highlighted an additional $380,000 in support through the Women Entrepreneurship Fund (WEF) to local women-led businesses. Funding recipients include:

  • Imprinted Apparel Store – $100,000 for this producer of custom apparel and promotional products to expand e-commerce opportunities and purchase equipment to improve operations.
  • Unlock Math Inc. – $100,000 for this online digital math course provider to implement an online platform.
  • Walton Wood Farm Corp. – $100,000 for this maker of sustainable bath and body products to upgrade the company’s planning systems and launch a new natural pet care product line.
  • Mallory Charmaine Graham (o/a Tribal Trade Co.) – $80,000 for this retailer that offers products and gifts from all nations of Turtle Island to develop and implement a digital marketing plan, undertake professional development, and hire advisory services.

Quotes

“Women entrepreneurs face unique and systemic challenges amidst the COVID-19 crisis. Our government is committed to building on the work we’ve done to break down these longstanding barriers to success as we restart and rebuild our economy. The investments made today through FedDev Ontario will support women-led businesses with critical costs as they work to re-open their businesses.”
– The Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade

“With reduced revenues and financial hardships of COVID-19, women-led businesses need support more than ever, as they face new challenges and expenses associated with reopening their businesses and preparing for recovery. The investments of over $4 million today will help to relieve some of the pressure as women-led businesses reopen and position themselves for a successful and stable future. We are here to support women entrepreneurs and to help these businesses come back stronger than ever.”
– The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for Federal Economic Development Agency for Southern Ontario

“The Government of Canada is demonstrating its commitment to women-led SMEs today through significant investments delivered by FedDev Ontario. We value the incredible contributions women entrepreneurs make to our society and economy, and we are proud to support them as they work to strengthen their businesses and re-build our economy during this unprecedented time.”
– The Honourable Maryam Monsef, Minister for Women and Gender Equality and Rural Economic Development

“We are very pleased to be working with multiple ecosystem partners across Eastern Ontario to make sure women-led businesses are fully empowered in rebuilding, reopening and reviving. These pivotal initiatives, supported by FedDev Ontario and the Government of Canada, are perfectly timed to remove barriers and add value.”
– Wendy Curtis, Executive Director, Northumberland Community Futures Development Corporation

“The WindsorEssex Economic Development Corporation recognizes the challenges that women-led businesses are facing amidst the COVID-19 crisis. We are excited about the opportunity to work with our community partners to deliver the Rebuild Reopen Revive Initiative across southwestern Ontario and help women-led SMEs at this critical time.”
– Stephen MacKenzie, President and CEO, WindsorEssex Economic Development Corporation

Quick facts

  • Northumberland Community Futures Development Corporation (CFDC) provides financing and strategy support for entrepreneurs. Delivering an array of entrepreneurial development and finance programs funded by FedDev Ontario, Northumberland CFDC also manages an investment portfolio that drives business start-up and expansion.
  • The WindsorEssex Economic Development Corporation is a not-for-profit organization with a focus to develop and execute strategies to retain, expand, attract and help new businesses start up in the Windsor-Essex region.
  • Venture13 brings together early-stage entrepreneurs with innovation partners to connect, empower and accelerate new ventures. In 2017, the Town of Cobourg, in partnership with Northumberland CFDC and with the support of FedDev Ontario, transformed a municipal building into Venture13, a thriving hub of opportunity for entrepreneurship and innovation.
  • The national $962-million Regional Relief and Recovery Fund (RRRF), is delivered through Canada’s regional development agencies (RDAs) and supports SMEs across Canada that have been unable to access existing relief measures. In southern Ontario, FedDev Ontario is delivering $213 million to provide financial relief and help businesses recover.
  • Since November 2015, FedDev Ontario has invested over $182 million in 181 projects in support of women entrepreneurship.
  • Through the Women Entrepreneurship Fund, the Government of Canada has invested a total of $30 million to more than 300 women-owned and led businesses across Canada to grow and reach new markets. In addition, the Government of Canada allocated $85 million to the WES Ecosystem Fund to strengthen capacity within the entrepreneurship ecosystem and close gaps in service for women entrepreneurs. Over 50 projects were funded through this initiative.

Associated links

Contacts

Ryan Nearing
Press Secretary, Office of the Minister of Small Business, Export Promotion and International Trade
ryan.nearing@international.gc.ca
343-551-0244

Alexander Cohen
Press Secretary, Office of the Minister of Economic Development and Official Languages
alexander.cohen@canada.ca

Media Relations
Federal Economic Development Agency for Southern Ontario
fdo.mediarel-relmedias.fdo@canada.ca

Announcement: RRRF Funding Fully Subscribed

We are currently fully subscribed for RRRF Funding.

We are currently fully subscribed for RRRF Funding, which, in just 6 short weeks, placed $1 Million on the street, investing in the remobilization of small and medium-sized businesses across Renfrew County.

If you would like to be notified of future RRRF Funding or alternative funding, please send your email address to:
INFO@RCCFDC.ORG

Even though funding through the RCCFDC Stream is now fully allocated, applications are still being accepted under the FedDev Stream. Find out more at http://www.feddevontario.gc.ca/RRRF

Career Opportunity – Business Support Coach

RCCFDC is seeking an individual who has a strong work ethic, integrity, teamwork, and adaptability skills to join our team as a Business Support Coach.  As a key RCCFDC team member you are integral to program operations and delivery of services to clients and members. The Business Support Coach helps to enhance the profile and collaboration opportunities for RCCFDC in support of fostering a strong small business community.

The Business Support Coach position is a two year contract position supervised by and directly accountable to the Executive Director.

Qualifications

Candidates should meet the following requirements:
Post Secondary education completed in a business related field
Minimum of 3 years related experience
Valid Drivers License

*Please note preference will be given to bilingual applicants.

Knowledge, Abilities and Skills:

  • Develops and implements a detailed work plan with time-based objectives and results that are concrete, specific, and measurable.
  • Shows good judgment about when to take the initiative and when to obtain direction from their manager.
  • Knowledge of and commitment to the mandate and services provided by RCCFDC.
  • Strong Accounting, business planning and business management skills.
  • Excellent written and verbal bilingual communication skills including demonstrated ability to write reports and proposals, and presentations.
  • Strong financial analysis and business assessment skills.
  • Strong public relations skills.
  • Comprehensive understanding and/or contacts within economic sectors to have current knowledge of the challenges and opportunities facing entrepreneurs.
  • Strong problem identification and problem-solving skills.
  • Excellent customer relations, interpersonal and communication skills (written, verbal, and presentation) including demonstrated ability to write reports and proposals, and the ability to plan, organize and prioritize, delegate work effectively, strong negotiation skills and prioritize to meet deadlines.

 

Areas of Responsibility:

Administration:

  • Track contacts and services provided through entries into the database: by individual/ business, type of service and community. Prepare and present monthly inquiry updates to Executive Director.
  • Assist in quarterly reporting generation and submission to funder.
  • Attend internal and external meetings as required.
  • Other duties as assigned by the Executive Director.

Client Oriented:

  • Intake and Assessment: Gather key information on enquiry; obtain an assessment of the applicant’s type of undertaking (for example, Start-up, Acquisition, Expansion and/or Sector). Explain the loan and grant application process, referencing screenings, turn-around time on approvals, authority levels and business planning components. Explain client service standards. Explain the requirement of equity. Request financials for business expansions. Reference RCCFDC’s confidentiality policy (Privacy Notice and Disclaimer).
  • Business Counselling: Where required, assist applicants with business plan development by providing outlines, explain key components of a business plan (Management, Target/Secondary Market, Competition, Human Resources, Operations, Cash flow/Financials & Assumptions). Plan meetings and follow-up meetings to encourage applicant in developing their business planning component. Guide individuals through cash flow exercise. Explain to applicant’s basic business structures: Sole Proprietorship, Corporations, and Partnerships. Explain purpose of Master Business License and Business Insurance.
  • Provide Support Services to existing loan clients. Assist clients identify operational and management problems recommend a course of action and develop work plans for each client. Help with identification of specialized needs requiring external consultants and provide referral to relevant business organizations, government agencies and RCCFDC staff as necessary considering varying needs and time requirements of clients.
  • Maintain contact with clients until loan is repaid, assess business performance, obtain, and analyze financial statements making recommendations for assistance or referrals where applicable as detailed in Business Support Services above.
  • Organize and deliver business training and develop workshops to be delivered across Renfrew County. Key communities for targeted visits are to be identified in individual work plan. Make presentations to interested groups to promote RCCFDC programs and services and to deliver initiatives such as Financial Literacy.

Documentation and Confidentiality:

  • Maintain the strictest of confidence with regards to RCCFDC clients, their files or other dealings, and with all personnel and other confidential internal records and proceedings.
  • Financial reporting systems are up-to-date and well organized to allow prompt response to inquiries by the Executive Director.
  • Complete all reports and submissions on time and in a professional manner. Information contained in reports is concrete, specific, and measurable and relates to previously approved work plan objectives and results where applicable.
  • Adhere to RCCFDC policies and procedures.

Public Relations:

  • Liaise with economic development organizations, tribal councils, funding agencies or other groups/associations relevant to RCCFDC’s mandate.

Interpersonal:

  • Work productively and professionally as a member of the RCCFDC’s team and maintains co-operative working relationships with all RCCFDC staff and with partners, agencies, and clients.
  • Connect individual activities to overall goals and targets and encourage other team members to reach goals and targets.
  • Willing to acquire new skills and knowledge required to fulfill duties and responsibilities and sees learning and development as part of the job.
  • Work effectively and efficiently with a minimum of supervision, demonstrate time management and the ability to prioritize workload efficiently and effectively.

 Additional Information

Closing: July 3, 2020 at 5:00pm

Application and Screening Procedure:
Interested persons must submit a resume and cover letter demonstrating how they meet the basic requirements and the names and day contact telephone numbers of three most recent direct supervisors.

Applications will be accepted by email only. Please email Resume and Cover Letter to info@rccdc.org

Applicants will be screened on the following:

  1. Conflict of Interest. The applicant must not be a relative of any board or staff member of RCCFDC.
  2. Resume and Cover Letter.

Thank you to all applicants, however, please be advised that only those candidates selected for an interview will be contacted.

Contact Information

Renfrew County Community Futures Development Corporation
450 O’Brien Road, Suite 205
Renfrew, Ontario
K7V 3Z2

Email: info@rccfdc.org

SRBT producing 10,000 Face Shields per week for Renfrew County and surrounding area!

June 2, 2020

Following Ontario’s Premier Doug Ford’s call on the province’s businesses on March 21, 2020 to help make medical supplies, SRB Technologies (Canada) Inc. (SRBT) met with local senior officials at the Pembroke Regional Hospital and local retirement homes where it was determined that Face Shields were in great shortage and that there was also a great need for a Face Shield that would be reusable through cleaning or visor replacement.

On April 4, 2020 SRBT developed a business plan to redeploy some of its production capacity towards the mass production of Face Shields for Renfrew County and surrounding area to help fight COVID-19. The business plan was developed to produce a Face Shield that could be best manufactured with the equipment, expertise and staff already in place at SRBT.

With the financial help of the Renfrew County Community Futures Development Corporation and the Ontario Ministry of Economic Development Job Creation and Trade’s “Ontario Together” Fund, SRBT executed its business plan by acquiring a Medical Device Establishment Licence from Health Canada, purchasing tooling, the necessary materials and by implementing new production procedures.

SRBT has also instituted three shifts over 24 hours to provide the ability to produce 10,000 Face Shields a week for sale first in Renfrew County and surrounding area.

This week SRBT is making its first deliveries of its Face Shields to the Pembroke Regional Hospital (PRH), Renfrew County District School Board (RCDSB), Pearly Whites Mobile Dental Hygiene Services and to Orthodontist Dr. Benoit Hebert.

SRBT would like to thank Renfrew-Nippissing-Pembroke MPP John Yakabuski, the Ontario Ministry of Economic Development Job Creation and Trade, Diane McKinnon and Mike Thompson from The Renfrew County Community Futures Development Corporation, Algonquin College, Mayor Mike Lemay and the City of Pembroke, Health Canada, ETM Industries, Leilani Borne and The Pembroke Regional Hospital.

Detailed information on our Face Shield is available at http://www.srbt.com/face.shields.pdf

For more information please contact:

Stephane Levesque
President
SRB Technologies (Canada) Inc.
Tel: (613) 732-0055, Extension #111
Cel: (613) 639-1349
e-mail: face.shields@srbt.com

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

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