Western Economic Diversification Canada (WD) will provide eligible small- and medium-sized enterprises (SMEs) with an interest-free repayable contribution of up to $40,000 to help alleviate financial hardship resulting from COVID-19. The objective of this program is to assist western Canadian SMEs that do not qualify for the Canadian Emergency Business Account (CEBA) program or the RRRF – Community Futures Stream.
The Regional Relief and Recovery Fund (RRRF) is open to businesses that are not eligible for the Canadian Emergency Business Account (CEBA) program or RRRF – Community Futures Stream.
Businesses must meet the following mandatory criteria:
Examples of business that are eligible to apply to the RRRF:
Examples of businesses that are not eligible to apply to the RRRF:
You can also use the RRRF Eligibility Assistant to quickly determine if you can apply.
Applications will be accepted on an ongoing basis and will be assessed as they are received. The RRRF will close once it successfully distributes funds to eligible businesses across Western Canada.
You will be notified by email with a decision on your application.
Funding is subject to availability.
Under the RRRF, eligible businesses can receive a conditionally repayable contribution up to $40,000.
The contribution amount will be the lesser of the applicant’s estimated total operating balance between April 1, 2020, and September 30, 2020 or $40,000.
The following repayment terms will apply:
Disbursement of the contribution
If an application for funding is approved, you will be asked to review and accept a Contribution Agreement with WD before funds, up to a maximum of $40,000, are disbursed through a single payment. The total amount of the contribution must be reported as income in the year in which the contribution is received.
Funding recipients will be required to attest that the full amount of the contribution was expended for operating costs, such as rent, wages and salaries, utilities, insurance, debt expenses, professional fees and property and business taxes.
Businesses will be required to submit a final report that includes:
WD may request a copy of the Recipient’s financial statements.
For more information, visit the website.