Regional Relief and Recovery Fund Announced in Partnership with Enterprise Brant

Posted On Thursday May 14, 2020

The Regional Relief and Recovery Fund (RRRF) is a fund that is designed to help businesses who are impacted by COVID-19 that may not qualify for some of the programs announced by the provincial and federal government. The fund offers maximum assistance of up to $40,000, with a 0.00% interest rate and no principal payments until December 31, 2022. Additional details include;

  • Principal repayments can be voluntarily made at any time.
  • 25% (not to exceed $10,000) of any loan can be forgiven provided the recipient has paid 75% of the original loan amount prior to December 31, 2022.
  • If the recipient 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 no later than December 31, 2025.
  • No application deadline, applications will be accepted until funding pool is depleted.

Eligible Applicants must meet these following requirements:

  • Business established prior to March 1, 2020.
  • Impacted adversely due to COVID-19 pandemic.
  • Viable and not experiencing financial pressures or other financial difficulties prior to March 1, 2020.
  • Have attempted to access other federal or provincial relief supports and were ineligible, rejected or require funding for expenses in excess of support already received with priority given to applicants who were ineligible or rejected from other federal and provincial relief supports.
  • Be willing to sign an owner’s personal guarantee.
  • Complete the loan application and provide personal financial statement, 2018, 2019 business financial statements (if available) with corresponding Notice of Assessment and T1/T2 General (in-house financial statements are acceptable if you have not filed), first quarter financial statements (January to March 2020). 
  • Provide a copy of the Master Business License or Incorporation Papers and Business Number
  • Eligible businesses must be located in Brantford/Brant to qualify

There are no application or legal fees, and the application form is forthcoming. For more information and to be notified when the application form is ready, visit www.enterprisebrant.com and contact a member of their staff. Details will be posted on www.brant.ca/BrantWorksTogether when made available.