Regional Relief and Recovery Fund (RRRF)


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
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.



COVID-19 Impact Virtual Business Session

This virtual business session was held on Thursday, May 7th, 2020, following a survey conducted by Community Futures Nicola Valley, the City of Merritt and the Merritt & District Chamber of Commerce,  to discuss the current impact of COVID-19 in the area.


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In recent days we’ve all been consumed with news on the COVID-19 pandemic, and how it’s affecting our health, our families, our small businesses and our communities across the province.

During this time, it is critical that we understand the economic impacts you anticipate in the weeks and months ahead, and how government and related agencies can support the Nicola Valley businesses to ensure they stay viable. As a result, Community Futures Nicola Valley in partnership with the City of Merritt and the Merritt & District Chamber of Commerce conducted the COVID-19 Impact Business Survey to determine how our local business have been affected.

Community Futures has prepared the following summary report for you.

These insights have been shared with the City of Merritt, the Merritt & District Chamber of Commerce and the local business community.

Thanks again for your support and assistance with this important data collection initiative - we greatly appreciate it!


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Options for Community Futures Nicola Valley Loan Clients

We know the measures being implemented by the federal government to stop the spread of COVID-19 are having a serious impact on small business owners in the Nicola Valley, as people are self-isolating and avoiding gathering places. To support our loan clients during this period of uncertainty, Community Futures Nicola Valley is making the following options available, upon request and demonstration of need:

1) Existing loan clients

You will have the following two options to help you with your cash flow:

Option 1: Existing loan clients may request a 3-month “Skip payment”. With this option, we will skip your monthly principal payments in April, May and June. Those skipped principal payments can be made up anytime during the remaining term of the loan. CFNV will re-evaluate this situation at the end of the three months. If needed, an extension might be considered.

Option 2: Existing loan clients may request a 3-month interest payment only. With this option, client will pay interest only for the months of April, May and June. CFNV will re-evaluate this situation at the end of the three months. If needed, an extension might be considered.


2) New & existing loan clients

New and existing clients may take advantage of the COVID-19 Loan Program for Small Business Emergency Response Application. This program provides financial support to businesses that have not been able to operate or have operated at a reduced level for more than 5 days due to the emergency situation. Financing is provided in the form of a repayable loan with relaxed terms and interest rates for up to $20,000.00


Please contact our Business Analyst if you would like to take advantage of these options.