REGIONAL EMERGENCY RELIEF FUND
Regional Emergency Relief Fund (RERF)
The Regional Emergency Relief Fund (RERF) is funding for eligible small and medium-sized businesses, in the form of a loan, intended to help businesses and entrepreneurs cope with the damages causes by the violent May 21, 2022 windstorm.
FINANCIAL SUPPORT
- Funding loans available up to $30 000 in the form of repayable loans for businesses who qualify;
- A maximum amortization period of thirty-six (36) months should be expected;
- 0% interest for the first 18 months, 3.70% interest for the last 18 months.
The Regional Emergency Relief Fund (RERF) cannot be used to repay debts or obligations owed to the Government of Canada, the Government of Ontario or any other municipal/regional governments. Grants, bursaries or forgivable loans are not available through the Regional Emergency Relief Fund (RERF).
Eligible businesses include for-profit, social and cooperative businesses, with market activities, affected by the May 21, 2022 windstorm.
Eligibility requirements
In order to benefit from the Regional Emergency Relief Fund, the business:
Eligible businesses include for-profit, social and cooperative businesses, with market activities, affected by the May 21, 2022 windstorm.
Eligibility requirements
In order to benefit from the Regional Emergency Relief Fund, the business:
- must have been in operation in Prescott-Russell for at least six (6) months on the date of the application;
- must not be under the protection of the Companie's Creditors Arragement Act (R.S.C., 1985 c. C-35) or the Bankruptcy and Insolvency Act (R.D.C. , 1985, c. B-3);
- must demonstrate the casual link between its financial or operational issues and the May 21, 2022 windstorm as follows:
- the business is temporarily closed, is likely to close or is showing signs of closure; and/or
- the business is in a context of maintaining, consolidating or relaunching its operations.
In order to be eligible for the Regional Emergency Relief Fund assistance, the funding:
- must provide short-term (36 months) working capital to businesses whose financial situation is precarious so they can maintain, consolidate or relaunch their activities;
- must correspond to the amount of working capital needed to maintain the businesses operations, determined on the basis of justified and reasonable expenses and showing good prospects for the relaunch of activities following the storm.
Examples of eligible expenses:
- Generators to maintain certain operations;
- Purchase or rental other suitable equipment to remove the debris;
- Rental of containers for the debris;
- Cost of repairs to roofs of the business;
- Cost of workforce to remove debris;
- Cost to rebuild lost inventory.
Please download and fill out the following documents and submit with you application:
- Disclosure of personal information of each applicant;
- Disclosure of information on the company;
- Notice of consent to the Prescott-Russell Community Development Corporation of each applicant.
Please submit the following documents with you application:
- Copy of the business registration or articles of incorporation;
- Most recent financial statements (if applicable);
- Disclosure of personal information of each applicant;
- Disclosure of information on the company;
- Notice of consent to the Prescott-Russell Community Development Corporation of each applicant;
Before submitting an application
Have you read all the eligibility criteria? Are you eligible for funding according to the criteria?
Do you have all the necessary documents to submit your application?
Click on the following LINK for the online version of the Regional Emergency Relief Fund (RERF) application.
Do you have all the necessary documents to submit your application?
Click on the following LINK for the online version of the Regional Emergency Relief Fund (RERF) application.
If the Board of Directors rejects a proposal for financial assistance, the applicant may appeal the decision to the Board of Directors.
If a client requests an appeal, members of the Board of Directors may be invited to attend a meeting with the client in question. The intention is to have the appeal heard by the required majority of the members. If the request is subsequently refused during the Board of Directors consideration, the applicant with have no further appeal.
If a client requests an appeal, members of the Board of Directors may be invited to attend a meeting with the client in question. The intention is to have the appeal heard by the required majority of the members. If the request is subsequently refused during the Board of Directors consideration, the applicant with have no further appeal.