The Government of Canada and Community Business Development Corporations (CBDCs) understand the difficulties the COVID-19 pandemic has caused the small business community throughout the Atlantic region. As a result, the Government of Canada has made funds available to the CBDC s to provide support and assistance to SMEs through the Regional Relief and Recovery Fund (RRRF).

Small business owners impacted as a result of the COVID-19 pandemic can apply for loans up to $40,000 through the Regional Relief and Recovery Funding (RRRF).

The Regional Relief and Recovery Fund provides funding to support businesses that do not qualify for the Canada Emergency Business Account (CEBA) the Canada Emergency Wage Subsidy (CEWS) or the Canada Emergency Commercial Rent Assistance (CECRA).

General Details:

• Maximum loan of $40,000
• 0% interest until December 31, 2022;
• No principal payments until December 31, 2022;
• Principal repayments can be voluntarily made at any time without penalty;
• 25% up to a maximum of $10,000 in loan forgiveness is available, provided the outstanding balance is paid back by December 31, 2022;
• If any part of the balance is not paid by December 31, 2022, the remaining balance will be converted to a term loan effective January 1, 2023; and,
• The full balance must be repaid no later than December 31, 2025. 

Eligible Uses for Loan Funding:

The funds from this loan shall only be used by the Borrower to pay non-deferrable operating expenses of the Borrower including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service, and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.  Note that funds from this loan cannot be used to pay expenses already supported through the Canada Emergency Wage Subsidy or the Canada Emergency Commercial Rent Assistance.

Eligibility of Businesses

• As per Terms and Conditions of the Community Futures Program, SMEs are defined as having less than 500 employees and annual sales revenue of less than $20 million, and produce goods and services for the market economy, regardless of their business structure (e.g. sole proprietorships, social enterprises, cooperatives, etc.);
• The applicant has attempted to access other relief federal supports such as the Canada Emergency Business Account (CEBA) and was ineligible or rejected
• The SME must have been viable as of March 1, 2020;
• The Borrower had a payroll below $1.5 million in its 2019 fiscal year;
• Established before March 1, 2020; and,
• Must have been adversely impacted because of the COVID-19.

For more information on the Regional Relief and Recovery Fund (RRRF) or to apply, please click on the link below to start the online application process.

Newfoundland and Labrador CBDC Avalon West     CBDC Burin Peninsula     CBDC Cabot     CBDC Celtic   CBDC Central Newfoundland   CBDC Eastern   CBDC Emerald*  CBDC Gander Area  CBDC Gateway  CBDC Humber*  CBDC Labrador   CBDC Long Range   CBDC Nortip*    CBDC South Coast     CBDC Trinity Conception     *Please note: Applications are no longer being accepted for the RRRF Program with CBDC Emerald, CBDC Humber & CBDC NORTIP due to demand exceeding funds available. Please contact those CBDCs directly if we can be of assistance to you.

Please note: We are currently experiencing a higher than usual number of inquiries and loan applications, which could lead to longer than normal wait times. If you have received an email notification, that is confirmation we have received your application and are working on your request. Rest assured a CBDC representative will contact you soon. Thank you for your cooperation and understanding.