The RRRF brings “relief” to more business owners

The RRRF is part of the Government of Canada’s COVID-19 Economic Response plan. It’s an interest-free loan for businesses who need more funding or don’t qualify for current government-relief measures Opens in a new window.

The RRRF is administered by Canada’s six Regional Development Agencies (RDAs). These agencies are familiar with their region's economic realities and are often the first point of contact at the local level.

The RRRF program offers two funding options:

• An interest-free loan up to $40,000 to help you cover business costs, with a 25% forgiveness benefit if 75% of the loan is repaid by December 31, 2022.
• A fully repayable, interest-free loan up to $500,000. Payments aren’t due until December 31, 2022
  

The RRRF loan can only be used to cover program-approved business expenses like:

• Equipment, machinery rental or leasing costs
• Employee wages
• Property taxes
• Utilities
• Other fixed costs

To qualify for the RRRF, your business must have already applied for government relief programs, including CEBA or other loans available through the Business Credit Available Program (BCAP).

Additional eligibility requirements include:

• Your business was operating normally before March 2020 but is now facing financial pressures because of COVID-19
• Your business is operating within one of the RDA areas
• You have fewer than 500 employees
• You plan to continue operations — you’re not going to close your doors because of COVID-19

Other eligibility guidelines vary by RDA.

The RRRF is delivered through the RDAs. CIBC, or your primary financial institution, isn’t involved in the administration or approval of your application. The RDAs administering the  program are:

• The Atlantic Canada Opportunities Agency (ACOA)Opens a new window.
• The Canada Economic Development for Quebec Regions (CEDQ)Opens a new window.
• The Federal Economic Development Agency for Southern Ontario (FedDev)Opens a new window.
• The Federal Economic Development Initiative in Northern Ontario (FedNor)Opens a new window.
• The Western Economic Diversification Canada (WD)Opens a new window.
• The Canadian Northern Economic Development Agency (CanNor)Opens a new window.

You can apply through your RDA, online or by mail. RDAs are accepting applications on an ongoing basis until funding is fully used. Before you start filling out forms, check the RDA websites to find out if applications are still being accepted. You may have to include supporting documents and financial statements in your submission.

Find the online application form for your region :

To create a tailored plan for your business needs and help you achieve your goals, meet with us Opens in a new window.. We’re here to help. Talk to a CIBC Business Advisor today by calling 1-866-992-7223 Opens your phone app..