The RRRF is split into four streams to help support businesses that have been impacted by COVID-19
The four loan stream:
rural businesses
women-owned or -led businesses
all other small- and medium-sized businesses
funding over $40,000
Purpose of the RRRF
This initiative was implemented to provide financial support for small businesses unable to access larger federal relief funding programs or unable to obtain a loan from traditional financial institutions.
Parameters of the RRRF
Maximum amount of $40,00
0% interest and no principal payments until December 31, 2022
Voluntary principal repayments can be made at any time
25% (not to exceed $10,000) can be forgiven, if the applicant has paid 75% of the original loan amount prior to December 31, 2022
If the applicant is unable to repay the loan by December 31, 2022, the loan will be converted to a three-year term loan with interest rates up to 5%, effective January 1, 2023
The full balance must be repaid by December 31, 2025
RRRF's Women's Enterprise Initiative Stream
The RRRF provides direct financial support to small- and medium-sized women-owned or -led businesses
Women's Enterprise Initiative (WEI) organizations across Western Canada can provide loans of up to $40,000
Eligibility:
small- and medium-sized women-owned or -led businesses
sole proprietors and "main street" businesses (i.e., retail shops, restaurants, corner stores, etc.)
business must be:
- established prior to March 1, 2020
- impacted adversely due to COVID-19
- viable and not experiencing financial pressures prior to March 1, 2020
- ineligible and/or not receiving other federal relief support for the same
expenditures
Eligible costs
Loans are to cover only fixed costs:
property taxes
utilities
cleaning supplies and additional safety measures
bank interest/charges
office supplies and vehicle operating expenses
lease payments for existing equipment and machinery
professional fees
insurances
Rent, salaries, and benefits will only be considered if the applicant is ineligible, rejected, and/or not already receiving assistance for these costs from other governmental funding
Apply now through the Women's Enterprise Centre (BC applicants)
Additional information
Government of Canada: https://www.wd-deo.gc.ca/eng/20077.asp
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