Loans Up to $40,000

The Government of Canada and Community Futures organizations (CFs) understand the difficulties the COVID-19 pandemic has caused the small business community throughout the West. As a result, the Government of Canada has made funds available to the CFs to provide support and assistance to SMEs through the rural stream of the Regional Relief and Recovery Fund (RRRF).

Small business owners impacted as a result of the COVID-19 pandemic can apply for loans up to $40,000 through the Regional Relief and Recovery Fund (RRRF).

The Regional Relief and Recovery Fund provides funding to support businesses that have not been approved for supports through the Canada Emergency Business Account (CEBA) or the Emergency Loan Program delivered through Aboriginal Financial Institutions.



General Details

  • Maximum loan of $40,000;
  • 0% interest until December 31, 2022;
  • No principal payments until December 31, 2022;
  • Principal repayments can be voluntarily made at any time without penalty;
  • No prepayment penalties;
  • 25% (not to exceed $10,000) can be forgiven provided the Client has paid 75% of the original loan amount prior to December 31, 2022;
  • If the Client is unable to repay the loan by December 31, 2022, the loan will be converted to a three-year term loan with interest rates up to 5%, effective January 1, 2023; and
  • The full balance must be repaid no later than December 31, 2025. 


Small and Medium-Sized Enterprises (SMEs) located in
Aspen Grove, Brookmere, Douglas Lake, Lower Nicola, Upper Nicola, Merritt and Quilchena. In addition, SME’s located in the following Bands that include: Lower Nicola Indian Band, Upper Nicola Indian Band, Shackan Indian Band, Nooaitch Indian Band, and Coldwater Indian Band.

Eligible Uses for Loan Funding

The funds from this loan shall only be used by the Borrower to pay non-deferrable operating expenses of the Borrower including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service, and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation. Note that funds from this loan cannot be used to pay expenses already supported through the Canada Emergency Wage Subsidy or the Canada Emergency Commercial Rent Assistance.

Eligible Applicants for RRRF Loans

Small-and-medium sized enterprises (SMEs) and Social Enterprises taking into account the following:

  • Established prior to March 1, 2020;
  • Impacted adversely due to the COVID-19 pandemic;
  • Viable and not experiencing financial pressures prior to March 1, 2020; and
  • Ineligible, rejected, and/or not already receiving other federal relief supports for the same expenditures.


For Loans Over $40,000 (up to 1M)

Online Application
Toll Free: 1-888-338-9378
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