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Community Futures Middlesex along with other Community Futures Development Corporation offices within Southern Ontario have partnered with FedDev Ontario to deliver the Regional Relief and Recovery Fund (RRRF) announced by the Federal Government on April 17 2020. RRRF will provide $252.4 million in support to small businesses that have not been able to access or fully benefit from other federal relief programs. The RRRF consists of two streams. A Regional Stream providing $213 million through FedDev Ontario and a Community Futures Stream providing $39.4 million through the Community Futures Development Corporation offices.
Community Futures Middlesex has been provided with access to just under $1.0 million from RRRF to lend rural small businesses that continue to be impacted by COVID-19 at 0% interest from now until December 31 2022. The maximum value of the loans available will be $40,000. Up to 25% (to a maximum of $10,000) may be forgivable if 75% of the loan is fully repaid prior to the end of 2022. Applications are now being accepted!
Any questions in relation to RRRF or your eligibility to apply through Community Futures Middlesex can be submitted by email to email@example.com.
Small businesses located in urban centres or seeking RRRF funding in excess of $40,000 are encouraged to directly apply for the Regional Stream administered by FedDev Ontario.
The impact of COVID-19 on small businesses across Middlesex County has been significant, both financially and operationally, as many have had to shut down and lay off workers as we respond to the challenge of social distancing. A number of businesses have had to rethink traditional means of safely conducting business through online or other ways of engaging with their customers to help mitigate the impact.