FEDNOR – Regional Relief And Recovery Fund
May 13, 2020 - Background The Regional Relief and Recovery Fund (RRRF) is a special one-time relief fund established by the Government of Canada to support businesses and organizations economically impacted by the COVID-19 pandemic. It will help to address gaps left by other measures as part of Canada’s COVID-19 Economic Response Plan, and complement those already provided by other levels of government, as well as take into account regional needs and realities. Full Details: Key Points A total of $49.5 million has been allocated in support of Northern Ontario businesses and organizations, and will be allocated through two funding streams: Regional economy stream in Northern Ontario FedNor is delivering $24 million of this RRRF investment through its Regional Economic Growth through Innovation program. Eligible applicants include businesses such as incorporated companies, corporations or co-operatives, or Indigenous organizations such as Indigenous/First Nation/Métis Settlement-owned businesses, as well as various not-for-profit entities. The RRRF will support a variety of costs or activities to help SMEs and not-for-profit organizations stay solvent over a period of six months. Community Futures stream in Northern Ontario FedNor is partnering with Northern Ontario’s 24 Community Futures Development Corporations (CFDCs) to deliver $25.5 million in RRRF support directly to small businesses and entrepreneurs in rural areas. This includes sole proprietorships or partnerships not covered under the Regional Economy stream. How to Apply Regional economy stream in Northern Ontario: Full details on eligibility and how to apply can be found here. It is important to note that this funding is intended for those businesses that are not eligible under any other programs. There is also a requirement for priority sector alignment. The application period is now open and while there is no specific deadline, it is first-come, first-served basis and once funds are allocated applications will no longer be accepted. Community Futures stream in Northern Ontario: Each CFDC is managing its own application and selection process in accordance with the parameters set out in the RRRF and will determine ultimate funding recipients in accordance with its own policies and procedures. To find out more about RRRF funding available through this stream, contact your local CFDC or consult this CFDC directory.