Two local Community Futures Development Corporations (CFDCs) are supporting small businesses.
Grenville Community Futures Development Corporation (Grenville CFDC) and the 1000 Islands Community Development Corporation are providing interest free loans to help support fixed operating costs for small businesses whose revenues have been affected by the COVID-19 pandemic.
According to a media release, this is part of the $962 million Regional Relief & Recovery Fund (RRRF) initiative from the Government of Canada which provides $675 million in financing support to small businesses that are unable to access previous COVID-19 programs and $287 million to support rural businesses with access to capital through Community Futures Development Corporations.
The CFDCs say businesses may be eligible for interest free loans of up to $40,000 not repayable until December 31, 2022 and with a portion forgivable upon repayment. The CFDCs will focus on providing assistance to sole proprietors, main street businesses like retail shops, restaurants, corner stores and social enterprises as well as businesses of strategic importance.
Executive Director of Grenville CFDC, Heather Lawless, says they are very thankful that the Government of Canada continues to place its trust in CFDCs and they will do everything in their power to help those in need.
More information and funding applications can be found here.