Small Businesses across southwestern Ontario the priority for new Government of Canada COVID-19 Loan Fund

PRESS RELEASE – FOR IMMEDIATE RELEASE

Small Businesses across southwestern Ontario the priority for new Government of Canada COVID-19 Loan Fund

BRANTFORD, ONTARIO – May 19, 2020: If you own a local business in rural southwestern Ontario, you now have access to repayable, zero percent interest loans up to $40,000 each through the 21 Community Futures Development Corporation offices in the region.

The new Regional Relief and Recovery Fund (RRRF) from the Government of Canada provides repayable loans to help small- and medium-sized businesses with fixed operating costs where business revenues have been affected by the COVID-19 pandemic.  A total of $39.4 million of the overall $287 million fund has been allocated for the CFDCs across southern Ontario to distribute to qualifying main street businesses.

“If you own a local business in southwestern Ontario such as a restaurant, corner store or retail shop and you need help making ends meet during this crisis, this fund is for you,” explains Allan Simm, Chairman of the Western Ontario Community Futures Development Corporation (WOCFDC) Board.  “Your local CFDC office will be glad to answer any questions and help you through the application process.”

Kate Burns Gallagher, Executive Director, Economic Development for the Western Ontario Wardens’ Caucus, says the new funding is greatly needed. “In working with my colleagues at the county level, we hear time and time again that there are large numbers of businesses that are not able to access the federal funding that was previously announced. They’re just too small. This regional relief fund really gets to those businesses in our rural communities.”

Businesses that are not eligible or have been declined for other Government of Canada COVID-19 relief measures will be given priority for the loans.  Small and medium-sized businesses that have received some funding but have operating expenses in excess of the support already received may also apply.

Larger businesses requiring loans in excess of $40,000 can apply for funding up to $500,000 directly through FedDev Ontario.

“CFDC offices in southwestern Ontario are pleased to deliver this funding on behalf of the Government of Canada and FedDev and we thank them for recognizing the key role we play in rural communities and economies to help small business thrive and grow.  This program is much needed and will make a difference to help us support and maintain the small businesses that are the backbone of our rural economies,” says Simm.

“It’ll be great to see the revitalization of our main street businesses in partnership with our CFDCs who are already in our communities and play such a vital, important role, adds Burns Gallagher.  CFDC’s are incredible resources for information and they are there to help.”

CFDCs in southwestern Ontario are passionate about helping rural businesses succeed so local communities grow and thrive.  We are your “go to” partner, helping local businesses make a difference for 30 years. In Southwestern Ontario, there are 21 local CFDC offices to serve you.

For more information visit www.wocfdca.com.

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For more information: 

Shari Cole

Marketing & Communications Officer

519-752-0381 x 3

shari@wocfdca.com



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