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Financing - Regional Relief and Recovery Fund (RRRF)

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The Prescott-Russell Regional Relief and Recovery Fund (RRRF) program is financial support for SMEs to address COVID-19 impacts. The goal of this access to financing is to support SME, including social businesses, that are unable to access the government’s existing support measures or unable to obtain a loan/credit from traditional financial institutions, and that are struggling with working capital needs.

 
GUIDELINES APPLICATION GUIDE SUBMIT APPLICATION FORM

 
                                
The applicant must provide the following elements:
  • A description of current impact of COVID-19 to the business (ex: closure details, layoffs, revenue, etc.);
  • The intended use of funding and associated outcomes for RRRF support (ex: main activities, efforts to avoid layoffs or closure, intending to maintain jobs with additional working capital);
  • Indication of whether you have access to other forms of credit and/or barriers to access;
  • Financial information demonstrating total revenues and net income/loss, angel or venture capital, arrears on debt etc. (ex: financial statements, recent interim financial statement, review engagement, notice to reader, CFO or CEO equivalent attested financial information);
  • Attestation of other federal support measures that you have applied for, was ineligible or rejected by, or still experiencing ongoing financial pressures despite accessing other measures, including but not limited to:
    • Business Credit Availability Program (BCAP);
    • Canadian Emergency Business Account (CEBA) ;
    • Canadian Emergency Commercial Rent Assistance (CECRA) – received by the aplicant or their landlord;
    • Canada Emergency Wage Subsidy (CEWS);
    • CRA Temporary 10% Wage Subsidy;
    • Service Canada Work-sharing program;
    • NRC-IRAP Wage Subsidy;
    • Emergency Loans through the PRCDC;
    • Indigenous Business Support Loans;
    • BDC Col-lending Program for SMEs;
    • Other federal and provincial programs announced (please specify).
Eligibility criteria
The business:
  • Must be established prior to March 1st 2020;
  • Must be located in Prescott-Russell;
  • Must have been impacted adversely due to COVID-19 pandemic;
  • Must be viable and not experiencing financial pressures or other financial difficulties prior to March 1st 2020;
  • Must have attempted to access other federal relief supports and were ineligible, rejected, or require funding for expenses in excess of support already received;
  • Must have not or will not apply or accept other Government of Canada or equivalent support. 
Please note: The Regional Relief and Recovery Fund (RRRF) is offered through 2 streams:
  1. Directly through FedDev Ontario 
  2. Through the PRCDC
A business will not receive assistance from both (RRRF from the PRCDC and RRRF from FedDev Ontario).  Note: A related Attestation form must be signed and submitted with request.

 
Eligible costs Ineligible costs
Capital lease payments for existing equipment and machinery Any costs deemed not reasonable and/or not directly related to a business’ fixed operational expenses
Salaries and benefits
  • Will only be considered for support if the busness is not eligible or declined support from the Canada Emergency Wage Subsidy or the NRC-IRAP – Innovation Assistance Program for pre-revenue businesses
Monthly mortgage and loan payments
Utilities New capital expenditures
Bank charges and interest payments Refinancing of an existing debt
Professional fees Costs of amortization and goodwill
Monthly insurance payments Acquisition of land and buildings
Rent
  • Applicants are expected to pursue, with their landlord, access to the Canadian Emergency Commercial Rent Assistance (CECRA) for small businesses 
 
Other fixed operating costs applicable to the applicant  Acquisition of land and buildings
 
Parameters:
  • Maximum loan of $40,000;
  • 0% interest and no principal payments until December 31st, 2022;
  • Principal repayments can be voluntarily made at any time;
  • 25% (not exceed $10,000) of any loan can be forgiven provided the recipient had paid 75% of the original loan amount prior to December 31st, 2022;
  • If the recipient is unable to repay the loan by December 31st, 2022, the loan will be converted to a three-year term loan with interest rates up to 5%, effective January 1st, 2023.  The full balance must be repaid no later than December 31st, 2025
 
APPLICATION GUIDE

The Prescott-Russell Regional Relief and Recovery Fund (RRRF) provides financial contributions (interest-free loans) to help support fixed operating costs of SMEs, where business revenues have been affected by the COVID-19 pandemic.

This Application Guide is designed to help the applicant with advice and instructions on the questions and documents required to be submitted with the application.  


The application
  1. Complete all the mandatory fields of each section.
  2. Use the best available information. 
  3. Be sure to carefully read and understand the questions and documents to submit.  Feel free to contact us at info@sdcpr-prcdc.ca if you have any questions.
  4. Be sure that the information provided is complete, true, exact and precise, including net profit/loss.
  5.  Be sure to understand that all incomplete applications, where information or required documents are missing, shall not be evaluated and will be deemed inadmissible for financing.
  6. Be sure to understand that  access to financing is to support SME, including social businesses, that are unable to access the government’s existing support measures or unable to obtain a loan/credit from traditional financial institutions, and that are struggling with working capital needs.
  7. Be sure to understand that the information contained in your application for funding is subject to the Access Information Act and the Privacy Act.
The steps
  1. Refer to the eligibility section of the Guidelines to ensure that your business meets the eligibility criteria.
  2. Download the following documents which must be filled out and submitted with your application:
    1. Appendix A – Financial forecast
    2. Appendix C – Personal finances
    3. Notice of consent to the PRCDC
    4. Disclosure of personal information
    5. Disclosure of information on the company
    6. Client attestation
  3. Click the link to the Prescott-Russell Regional Relief and Recovery Fund (RRRF) application.  You may save your application and continue later.
  4. Fill out the application ensuring that all the information (including net profit/loss) submitted are complete, true, exact and precise.  
  5. Attach the following documents with your application.  All incomplete applications, where information or required documents are missing, shall not be evaluated and will be deemed inadmissible for financing:
    1. Appendix A – Financial forecast
    2. Appendix C – Personal finances
    3. Notice of consent to the PRCDC
    4. Disclosure of personal information
    5. Disclosure of information on the company
    6. Client attestation
    7. Business most recent financial statement (audited, Notice to Reader or Review engagement)
    8. Year-to-date financial statements
    9. Master Business licence of Incorporation documents
  6. Once your application is complete, submit it.  You will receive a confirmation email for your records.
PRCDC’s application procedures
  1. Receipt of application.
  2. Evaluation if the application is complete, including required documents.
  3. If complete, validation of information.
  4. Thorough analysis of the application.
  5. Preparation of the file with due diligence and submission to the PRCDC Board of Directors for evaluation and approval or refusal decision within 10 business days upon receiving the complete application.
  6. All communications will be virtual until further notice.
 
SUBMIT APPLCATION FORM
  1. Download the following documents which must be filled out and submitted with your application:
    1. Appendix A – Financial forecast 
    2. Appendix C – Personal finances
    3. Notice of consent to the PRCDC
    4. Disclosure of personal information
    5. Disclosure of information on the company
    6. Client attestation
  2. Click HERE for the link to the Prescott-Russell Regional Relief and Recovery Fund (RRRF) application.  You may save your application and continue later.