If you need funding to support your business but you’re having a hard time qualifying for any government relief programs, the Regional Recovery and Relief Fund (RRRF) may be your answer.
Aug 31 20205 minute read
The Regional Recovery and Relief Fund (RRRF)
Over the last few months, the government of Canada has introduced different relief measures to help Canadian business owners recover from COVID-19. But some businesses may find themselves unable to access these emergency funds.
The RRRF supplements and addresses gaps in available government funding, so more business owners can get the support they need.
Looking for financial help? Find out if the RRRF program is right for you.
What’s an RRRF?
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.
The RRRF is administered by Canada’s 6 Regional Development Agencies (RDAs). These agencies are familiar with their regions' economic realities and are often the first point of contact at the local level.
The RRRF program offers 2 funding options:
An interest-free loan up to $40,000 to help you cover business costs, with a 25 percent forgiveness benefit if 75 percent of the loan is repaid by December 31, 2022 — it’s like the CEBA loan
A fully repayable, interest-free loan up to $500,000. Payments aren’t due until December 31, 2022
How should I use my funds?
The RRRF loan can only be used to cover program-approved business expenses like:
Equipment, machinery rental or leasing costs
Other fixed costs
Is my business eligible for an RRRF loan?
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 less 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.
Who administers the funds?
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:
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 :
Please note: Multilanguage sites do not provide full access to all content on CIBC.com. The full CIBC website is available in English and French.