Regional Relief and Recovery Fund (RRRF) and Post Covid Professional Services Relief Available Until March 31, 2021

The Superior East CFDC has been busy offering new programs to small businesses in the region.  The first program introduced was the Regional Relief and Recovery Fund (RRRF).  This provides a loan to businesses of up to $40,000 that is interest free until December 31, 2022.  As well, if the loan is paid in full by this date then up to 25% or $10,000 is forgivable.  If not paid in full then the interest rate charged is 5% on the remaining balance.  To date a total of $660,000 RRRF loans have been approved and disbursed within the region.  There are still a few allocations for this program remaining.

The newest program announced is the Post COVID Professional Services Relief program which offers a non-repayable contribution of up to $5,000 to small businesses that are looking at obtaining the services of a Professional Service Provider as a result of the pandemic.  This could include Feasibility Studies, Financial Assessments, Financial Training, Business Planning Consultations, Business Development Consultations, Marketing Consultations, Industry Expertise Training and Other Professional Consultations.  Ineligible costs include those incurred prior to March 15, 2020, re-occurring professional service expenses (ie: regular audit expenses), food and beverage related expenses to host training/meetings and costs from suppliers that are not addressed directly to the SME.

Superior East CFDC is a non-profit organization funded through FedNor that provides small business loans and counselling as well as regional economic development services in the Superior East Region including Chapleau, Dubreuilville, Wawa, White River and surrounding First Nations.  A volunteer board of directors provides guidance to the corporation and consists of residents from the entire region.  Since January of this year there have been $1,348,600 in regular loans approved which have served to create or maintain 84 jobs in the region.  In addition to the $660,000 in RRRF loans, there have been $161,538 in loans approved in pool loans in the Northeast Region.  In all, $2,170,138 in loans have been approved in 2020 to date.

The year to date statistics show that $26,008,349 in loans have been approved and disbursed since 1989 which have served to create or maintain 2,894 jobs.  These funds have leveraged over $23,000,000.

If you are interested in any of the programs please call the office at 705-856-1105 or email Tracy Amos at [email protected].  The office is open at 14 Ganley Street in Wawa, however appointments are appreciated.

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