Business support agencies promote Regional Relief and Recovery Fund to support local economy

Date Published: 
May 25 2020

The following release has been issued by the County of Simcoe on May 25, 2020 at 2:43 PM

The County of Simcoe and the Community Futures Development Corporations (CFDCs) are pleased to share that local businesses that were unable to access existing federal COVID-19 relief measures can now apply for funding under a new Government of Canada initiative called the Regional Relief and Recovery Fund (RRRF).

Small businesses are the heartbeat of the regional economy and the COVID-19 pandemic and the necessary health and safety measures enacted, have resulted in uncertainty, anxiety and financial impacts for many businesses and their employees. Through the County of Simcoe’s Phase II COVID-19 Business Impact Survey, 56 per cent of respondents indicated that Financial Grants/Cash Flow/ Emergency Funds are what they need the most, at this uncertain time, from government.

With $962 million announced nationally and $252 million marked for Southern Ontario alone, the RRRF will support Simcoe County small and medium sized businesses that do not qualify for or have not been able to receive funding from current Government of Canada COVID-19 relief measures.

In order to provide targeted assistance to the small towns and communities in the County of Simcoe, local CFDCs will administer the funding and focus on assisting “main street” businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to our communities, with interest-free loans up to $40,000. Support is available to businesses operated by sole-proprietors, corporations and partnerships.

Staff at the local Community Futures offices are available to walk you through the application process. Please visit the County of Simcoe’s Economic Development website for more information on eligibility and the office nearest you.

Should a business be interested in a loan of $40,000 or more and meet the eligibility criteria outlined on FedDev Ontario’s website, you may wish to apply to FedDev Ontario.

CFDCs deliver a wide variety of programs and services to support community economic development and small business growth. They employ local staff and are each governed by a volunteer board of directors, made up of local residents representing the community.

Collin Matanowitsch
Manager, Public Relations

County of Simcoe, Service Simcoe Branch
705-734-8386 (mobile)
Collin.Matanowitsch@simcoe.ca

Jennifer Straw
Public Relations Consultant

County of Simcoe, Service Simcoe Branch
705-790-5979 (mobile)
Jennifer.Straw@simcoe.ca