Businesses in Oxford County may be eligible to benefit from additional funding through the Government of Canada’s Regional Relief and Recovery Fund
Updated November 27, 2020
(Ingersoll) Today, Community Futures Oxford announced that businesses in Oxford County 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 $220,000 investment by the Government of Canada in Community Futures Oxford through the Regional Relief and Recovery Fund. This funding is a top-up to the $994,889 investment by the Government of Canada in May 2020, for a total funding allocation of $1,214,889.
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.
For example, Chocolatea, a female-led fine chocolate and tea retail business located in downtown Ingersoll experienced challenges as a result of the COVID-19 pandemic. With RRRF support through Community Futures Oxford, they received liquidity support and have maintained their operations.
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 Community Futures Oxford
Community Futures Oxford has an additional $220,000 available in RRRF funding to distribute to eligible local businesses. In order to provide targeted assistance to the small towns and communities we serve, Community Futures Oxford is focusing on assisting a range of businesses in our region with loans up to $40,000.
Please visit this page for 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.