Regional Relief and Recovery Fund For Rural Communities

Small and medium size businesses in rural communities have been hit hard by COVID19. Until now, many have not qualified for federal government funding supports such as the Canada Emergency Business Account (CEBA) or Business Credit Availability Program (BCAP). That is about to change.

Rural businesses will be able to apply for loans of up to $40,000 from the $95.7 million earmarked for Western Canada through the Government of Canada’s Regional Relief and Recovery Fund. Community Futures Wood Buffalo is working with Western Economic Diversification Canada to administer these loans to businesses in our rural communities.

Eligibility

• Small and Medium-Sized Enterprises (SMEs) located in non-metropolitan regions (all areas served by Community Futures organizations) in Western Canada.
• The SME must attest to their ineligibility for other federal government COVID-19 support programming such as the Canada Emergency Business Account (CEBA) or the Business Credit Availability Program (BCAP)
• The small business must have been viable and not experiencing any liquidity or other financial difficulties as of March 1, 2020.
• The small business must have experienced a material adverse effect on business operations on or after March 1, 2020 as a result of the COVID-19 pandemic.
• Business established before March 1, 2020.
• Be a sole proprietorship, partnership (except professional services), corporation, social enterprise, or other similar organization.

Eligible expenses

• Operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity.

Repayment terms

• No interest accrual or principal payments through December 31, 2022
• If 75% of loan is repaid by December 31, 2022, the remainder of the loan is forgiven
• Blended principal and interest payments beginning January 1, 2023 and loans must be repaid by December 31, 2025
• No prepayment penalties

How to apply

For more information, please contact Community Futures Wood Buffalo at 780-791-0330 ext. 2 or via email at cfwbmanager@albertacf.com