Businesses in Cornwall & The Counties CFDC catchment area may be eligible to benefit from additional funding through the Government of Canada’s Regional Relief and Recovery Fund.
November 23, 2020 Akwesasne, City of Cornwall, and the United Counties of SD&G
Today, the Cornwall & The Counties CFDC announced that businesses in Akwesasne, Cornwall and Stormont, Dundas and Glengarry may be eligible to benefit from additional relief funding through the Government of Canada’s Regional Relief and Recovery Fund.
This additional funding has been made available because of a $440,000 investment by the Government of Canada in Cornwall & The Counties CFDC through the Regional Relief and Recovery Fund. This funding is a top-up to the $1,095,412.67 investment by the Government of Canada in May 2020, for a total funding allocation of $1,535,412.67.
Canada’s COVID-19 Economic Response Plan has helped to protect millions of jobs, provide emergency support to families and keep businesses afloat as they deal with the impact of COVID-19. A central part of this is the Regional Relief and Recovery Fund (RRRF), which helps support those who may not be eligible for other programs. Since the Fund was launched in May, over 1,000 businesses have been assisted through the RRRF by the region’s Community Futures Development Corporations (CFDCs), helping them keep their employees, cover costs and play a role in our economic recovery.
Since the launch of the RRRF, CFDCs have provided critical support for southern Ontario’s rural businesses, maintaining 3,500 jobs in the region.
Support for workers and businesses across southern Ontario
With the second wave upon us, businesses across southern Ontario need more support – now. That’s why the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, announced on October 2, an additional $184 million for FedDev Ontario to help more businesses across southern Ontario through the RRRF.
$30 million in additional CFDC funding
Community Futures Development Corporations (CFDCs) will deliver $30 million of FedDev Ontario’s additional funding to businesses in rural communities across southern Ontario.
CFDCs are providing financial contributions (interest-free loans) to help support fixed operating costs of SMEs, where business revenues have been affected by the COVID-19 pandemic.
Funding available through Cornwall & The Counties CFDC
Cornwall & The Counties CFDC has an additional $440,000 available in RRRF funding to distribute to eligible local businesses. To provide targeted assistance to the small towns and communities we serve, Cornwall & The Counties CFDCis focusing on assisting a range ofbusinesses in our region with loans up to $40,000.
Please visit our website for more information on eligibility and the application process.
Should you 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.
“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’ve heard clearly from businesses and workers that more support is needed. That’s why we’re enhancing and expanding the RRRF to help even more Ontarians. Our message to them is clear: we’ve been here for you with significant measures, we’re here for you now and we’ll 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
“The businesses, workers and organizations in southern Ontario’s rural communities are a significant part of our region’s economic strength. We know they have faced challenges as a result of the pandemic and we are providing support to keep them vital. The resilience of the communities and the local support that our CFDCs are continuing to deliver will mean a strong recovery.”
– Kate Young, Parliamentary Secretary to the Minister of Economic Development and Official Languages (FedDev Ontario)
“With this additional funding we look forward to helping more main street businesses in Akwesasne, Cornwall and SD&G, especially when they are of strategic importance to their communities. Sometimes it means a lot for a smaller town or village to have those retail shops, restaurants, corner stores or other businesses. That’s what makes our area more livable and vibrant! As the new COVID-19 Business Relief Advisor, I hope to help business owners navigate what they are eligible for, based on their individual needs. Sometimes that will be through the CFDC’s own programs, like the Regional Relief & Recovery Fund, or the Technology Innovation Program, or a loan. Other times it will be programs that are through other organizations. I’m just here to help.”
– Doreen Ashton Wagner, COVID-19 Business Relief Advisor, Cornwall & The Counties Community Futures Development Corporation
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.
Through RRRF, Cornwall & The Counties CFDC, to date, has provided funding support to 28 local businesses impacted by the pandemic to cover fixed operating costs and maintain 97 jobs.
Local businesses and organizations that have applied for but were unable to access existing federal COVID-19 relief programs are encouraged to contact Cornwall & The Counties CFDC for more information.
Principal repayments can be made at any time and 25% (not to exceed $10,000) of the loan can be forgiven provided the recipient has paid 75% of the original loan amount prior to Dec 31, 2022.
If the recipient is unable to repay the loan by Dec 31, 2022, the loan will be converted to a three-year term loan at 5%.
Cornwall & The Counties CFDC
Canada’s COVID-19 Economic Response Plan
Doreen Ashton Wagner
COVID-19 Business Relief Advisor | Conseillère, aide aux entreprises
Cornwall & The Counties Community Futures Development Corporation |
Société d’aide au développement des collectivités de Cornwall & les Comtés
613-932-4333 x 105