& Cash Flow
As we enter into Phase 3 of BC’s restart plan, the Government of Canada continues to offer financial support to businesses. A few important programs that are designed to assist with business sustainability and relaunch include the Canada Emergency Wage Subsidy program, the Temporary Wage Subsidy, the Canada Emergency Business Account, and the Canada Emergency Commercial Rent Assistance Program (among others). For more information visit the Government of Canada Economic Response Plan website.
Organizations, including financial institutions, Community Futures Shuswap and corporate partners, are developing various payment deferral and loan programs. However, we recognize there may be gaps in these programs and will continue to monitor the need for additional support.
The Entrepreneurs in Residence at the Business Support Hub are available to assist you in accessing emergency funding programs best suited to your needs.
Community Futures Regional Relief and Recovery
Loans up to $40,000
The Government of Canada has made funds available to Community Futures (CFs) to provide support and assistance to SMEs through the rural stream of the Regional Relief and Recovery Funds (RRRF).
Small business owners impacted by the effects of the COVID-19 pandemic can apply for loans up to $40,000 through the RRRF. This 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.
Maximum loan of $40,000;
0% interest until December 31, 2022;
No principal payments until December 31, 2022;
Principal repayments can be made voluntarily anytime without penalty;
25% up to a maximum of $10,000 in loan forgiveness is available, provided the outstanding balance is paid back before December 31, 2022.
Funds may be used only to pay non-deferrable operating expenses including, without limitation, payroll, rent, utilities, insurance, property tax, and regularly scheduled debt service. Funds from this loan may not be used to pay expenses already supported through the Canada Emergency Wage Subsidy or the Canada Emergency Commercial Rent Assistance.
- SMEs are defined as having less than 500 employees and annual sales revenue of less than $20 million, and produce goods for the market economy regardless of their business structure (e.g. sole proprietorships, social enterprises, cooperatives, etc.);
- The applicant has not been approved for other federal supports;
- The SME must have been viable as of March 1, 2020;
- Established before March 1, 2020; and
- Must have been adversely affected because of the COVID-19 pandemic.