FedNor – Regional Relief and Recovery Fund (RRRF) – Regional economy stream in Northern Ontario (2022)

ByMaurice
  • This program is currently closed.

Description:

The Regional Relief and Recovery Fund (RRRF) will support vulnerable businesses and eligible not-for-profit organizations that are impacted by the economic disruption associated with the COVID-19 pandemic across the regions of Canada. Applicants are eligible to receive up to 100% of total eligible bridge support costs, covering up to a twelve (12) month period.

Comments on Funding:

Applicants are eligible to receive up to 100% of total eligible bridge support costs, covering up to a twelve (12) month period.

The RRRF will provide unconditionally repayable and conditionally repayable contributions to eligible small and medium-sized enterprises, of normally up to a maximum of $500,000 for a period of up to twelve months (12). Support to eligible not-for-profit organizations and First Nation band-owned businesses whose articles of incorporation do not permit dividends to be paid or distributed to shareholders will be non-repayable.

Eligibility:

Business must:

  • be incorporated companies, corporations or co-operatives, or Indigenous organizations such as Indigenous/First Nation/Métis Settlement owned businesses;
  • be located or operating in Northern Ontario;
  • not qualify, have been rejected from or have not accessed current Government of Canada COVID-19 relief supports or that can demonstrate the need for incremental support if funding was received from other programs;
  • employ between 1 and 499 individuals on a full-time basis in Canada; and
  • be negatively impacted by the COVID-19 pandemic.

Not-for-Profit Organization

  • providing technical assistance to businesses (e.g. Chambers of Commerce, Industry or Sector Associations);
  • providing liquidity support to businesses (e.g. PARO Centre for Women’s Enterprise);
  • engaging in commercial or other economic activities requiring liquidity support. 

Applicants must demonstrate that the amount requested from FedNor is incremental and does not duplicate other supports, if they have received financial support from BOTH the Canada Emergency Wage Subsidy (CEWS) AND any other Government of Canada COVID-19 business credit support program.

Applications Steps:

Documentation Needed:

Applicants must submit a complete and detailed application. Application for financial assistance package consists of the following documents:

  • FedNor Application for Financial Assistance Form;
  • The last two full (2) years of financial statements* (* If in operation for less than 1 year, please provide interim financial statements.);
  • The most recent interim financial statements;
  • A copy of your business continuity or recovery plan, if available; and, Letters Patent / Incorporation Documents, if incorporated (please submit only if readily available).

Other Things to Note:

The application period for the Regional Relief and Recovery Fund is now closed.Date modified: 2021-06-28

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    About the author

    Maurice

    Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

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