Regional Relief and Recovery Fund (RRRF)
The Regional Relief and Recovery Fund (RRRF) is a special relief fund established by the Government of Canada to support businesses and organizations economically impacted by the COVID-19 pandemic. It will help to address gaps left by other measures as part of Canada’s COVID-19 Economic Response Plan, and complement those already provided by other levels of government, as well as take into account regional needs and realities.
An investment of $49.5 million was announced for FedNor’s RRRF in May 2020 and an additional $22.3 million was announced on October 2nd to assist even more businesses and organizations.
This brings to $71.8 million the total RRRF funding allocated in support of Northern Ontario businesses and organizations. This investment is being allocated through two funding streams.
Regional economy stream in Northern Ontario
FedNor is offering financial assistance to help various not-for-profit entities and eligible businesses, such as incorporated companies, corporations or co-operatives, or Indigenous organizations such as Indigenous/First Nation/Métis Settlement-owned businesses, stay solvent over a period of six months.
Community Futures stream in Northern Ontario
FedNor is partnering with Northern Ontario’s 24 Community Futures Development Corporations (CFDCs) to offer financial support directly to small businesses and entrepreneurs in rural areas. This includes sole proprietorships or partnerships not covered under the Regional Economy stream. Each CFDC is managing its own application and selection process in accordance with the parameters set out in the RRRF, and will determine ultimate funding recipients in accordance with its own policies and procedures.
To find out more about RRRF funding available through this stream, contact your local CFDC or consult this CFDC directory.
Need more information? Consult our frequently asked questions.
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