Please note the updated deadline time for RRRF applications - at 4:30PM Pacific Time the application portal for the Regional Relief and Recovery Fund will close and no further applications will be accepted - pending and submitted applications will continue to be processed until June 30, 2021. This deadline cannot be altered in any way. If you're pursuing or considering RRRF and are unsure of your ability to complete an application before the deadline, please contact CFNV Staff.
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 $60,000 through the Regional Relief and Recovery Fund (RRRF). Those who are already clients of the original $40,000 RRRF loan can now apply for an additional $20,000.
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.
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.
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.
Small-and-medium sized enterprises (SMEs) and Social Enterprises taking into account the following:
Toll Free: 1-888-338-9378
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.
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!
Check this section of the website for updates on the Regional Relief & Recovery Fund - exciting news is expected shortly regarding an extension to this vital program.