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Attention Superior North CFDC Regional Businesses
$25.5 million in funding available through Northern Ontario CFDCs to help local small businesses weather the COVID-19 pandemic.
The 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. The Fund, valued at more than $962 million nationally, is delivered by Canada’s six regional development agencies.
In Northern Ontario, $49.5 million is available as follows:
- $24 million through FedNor for SMEs and not-for-profit organizations facing financial pressure; and
- $25.5 million to provide rural businesses with access to capital and technical support, delivered by Northern Ontario’s 24 Community Futures Development Corporations.
Funding available through Superior North CFDC
In order to provide targeted assistance to the small towns and communities we serve, our focus will be on assisting “main street” businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to our communities, with loans up to $40,000.
- Eligible CFDC applicants must also meet the following criteria:
- established prior to March 1, 2020;
- impacted adversely by the COVID-19 pandemic;
- viable and not experiencing other financial difficulties prior to March 1, 2020;
- have attempted to access other federal relief supports and were ineligible, rejected, or require funding for expenses that have not been supported, with priority given to applicants who were ineligible or rejected from other federal relief supports.
Applications can be submitted for:
- Loans of up to $40,000 to help address working capital needs.
- 0% interest until December 31, 2022
- No principal payments until December 31, 2022
- Principal repayments can be voluntarily made at any time
- 25% up to a maximum of $10,000 in loan forgiveness is available, provided the 75% of the original loan is paid back by December 31, 2022.
- If any part of the balance is not paid by December 31, 2022, the remaining balance will be converted to a 3 year term loan at our prime interest rate.
- The full balance must be repaid no later than December 31, 2025.
- No security is to be required beyond a promissory note.
Contact Superior North CFDC office by telephone or email.
1-888-445-9999 ext #1 Ron Salo firstname.lastname@example.org or
1-888-445-9999 ext#2 Christine Rajala email@example.com
Other Funding available through FedNor
FedNor is delivering $24 million in funding support to SMEs impacted by COVID-19 that do not qualify for, or have been declined for, current Government of Canada COVID-19 relief measures.
Applicants must meet the following eligibility criteria:
- Businesses such as: incorporated companies, corporations or co-operatives, or Indigenous organizations such as Indigenous/First Nation/Métis Settlement owned businesses, that:
- Are located or operating in Northern Ontario;
- Do not qualify or have been rejected from, current Government of Canada COVID-19 relief supports or demonstrate the need for incremental support;
- Employ between 1 and 499 individuals on a full-time basis in Canada; and
- Are negatively impacted by the COVID-19 pandemic.
- Not-for profit organizations, such as Chambers of Commerce, Industry or Sector Associations, and Tourism organizations;
- Based in Northern Ontario and/or offer support to businesses located in Northern Ontario; and
- Carry out commercial activities, and that are positioned to support SMEs regarding COVID-19.
For more information, including how to apply, please visit the FedNor website.
Please note: Applicants will not receive RRRF assistance from both their local CFDC and FedNor for the same expeditures. Review the program guidelines to see which stream is right for you and contact us if you have any questions before applying.
Covid-19 Emergency Financing
To mitigate the impacts of the Covid-19 transmission reduction measures on businesses in the Superior North CFDC area (Dorion to Manitouwadge) Superior North CFDC is offering to retail and service sector businesses a special financing package.
- The fund will provide up to $20,000 in loans
- The application must be supported by a rationale for assistance
- There will be a 3 months grace period before payments will begin
For more information, please call Ron at 807-825-4505 ext #1 or Christine at 807-825-4505 ext # 2
Superior North Community Futures Development Corporation
Superior North Community Futures Development Corporation (CFDC) supports community economic development by assisting communities located within its catchment area to strengthen and diversify their economies.
As a community-based, non-profit organization, Superior North CFDC is run by a board of local volunteers. It is staffed by professionals who encourage entrepreneurship and the pursuit of economic opportunities.
Superior North CFDC is funded by the Federal Government through FedNor and carries out the following services: