PRESS RELEASE – FOR IMMEDIATE RELEASE
Small Businesses across southwestern Ontario are still the priority for Government of Canada COVID-19 Loan Fund
BRANTFORD, ONTARIO – November 23rd, 2020: If you own a local business in rural western Ontario, you now have access to repayable loans up to $40,000 through the 21 Community Futures Development Corporation offices in the region.
In an announcement made October 2nd, 2020, by Minister Joly the Government of Canada expanded the Regional Relief and Recovery Fund (RRRF) to provide further support for businesses.
During the first round of the RRRF program Community Futures Development Corporation offices in western Ontario were responsible for delivering $17.3 million to 590 rural businesses, providing help to mainstreet businesses, women entrepreneurs, tourism operators, just to name a few.
The Government of Canada will provide an additional $600 million to support workers and businesses through RRRF. This additional investment brings the total RRRF support to over $1.5 billion, helping businesses and organizations weather the impact of COVID-19.
The second round of the Regional Relief and Recovery Fund (RRRF) provides rural businesses and communities with access to capital and technical support. A total of $16,840,000 million of the overall $600 million fund has been allocated for the CFDCs across the western Ontario region to distribute to qualifying businesses.
“Small and medium-sized businesses have been hit hard by COVID-19, and the Regional Relief and Recovery Fund is here to help them, protecting over 43,000 jobs across southern Ontario. With the second wave upon us, we have heard clearly from businesses and workers that more support is needed. That is why we are enhancing and expanding the RRRF to help even more Ontarians. Our message to them is clear: we have been here for you with significant measures, we are here for you now and we will get through this, together. We’re working with you to support good, local jobs and help our economy come back strong.” —The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Federal Economic Development Agency for Southern Ontario
CFDCs in western Ontario are passionate about helping rural businesses succeed so local communities grow and thrive. We have been your “go to” partner, helping local businesses make a difference for the past 30 years. In western Ontario, there are 21 local CFDC offices to serve you.
For more information visit www.wocfdca.com.
For more information:
Marketing & Communications Officer
519-752-0381 x 3
Find your local CFDC Office