North Okanagan small businesses & non-profits can apply for Regional Relief and Recovery Fund’s loans of up to $40,000 to cover expenses incurred during COVID-19
The rent while doors were closed. The cleaning supplies. The fees to create an online store. These are just some of the COVID-19 operating expenses some small businesses and non-profit organizations can now receive lending for through the Regional Relief and Recovery Fund (RRRF).
The federal fund provides loans of up to $40,000 to non-profits and small and medium-sized businesses that were negatively impacted by COVID-19, and have costs that have not been covered by other COVID-19 supports. Expenses incurred during this period that are eligible include lease payments, rent, salaries and benefits, property taxes, utilities, bank charges and interest, office supplies, vehicle supplies and more.
The RRRF repayment terms include no interest and no payments through to Dec. 31, 2022. If 75 per cent of the loan is repaid by Dec. 31, 2022, the remainder is forgiven. Payments begin January 2023 and loans must be repaid by Dec. 31, 2025 and there are no prepayment penalties.
Scot McNair, Business Loans Advisor at CFNO, says he’s looking forward to helping local organizations and ‘mom and pop’ stores get back on their feet.
“The RRRF really targets many of those family businesses as well as non-profits that are a big part of our community, and we’re glad to be able to bring them this support,” says McNair, adding he encourages businesses to apply soon as they are expecting many applications and the RRRF funds are limited.
To learn more about the Regional Relief and Recovery Fund, and to apply, visit https://www.futuresbc.com/regional-relief-and-recovery-fund/ For more information, contact Scot McNair at 250-545-2215 Ext. 249.