A $1 billion Government of Canada fund to help Canadian businesses mitigate the financial pressures brought on by COVID-19.
What is the Regional Relief and Recovery Fund (RRRF)?
The Western Economic Diversification Canada’s Regional Relief and Recovery Fund (RRRF), totalling nearly $1 billion, is designed to help Canadian businesses mitigate the financial pressures brought on by COVID-19 and allow normal operations to continue. It provides funding to Canadian SMEs who do not qualify for the Canada Emergency Business Account (CEBA).
Eligible businesses can receive interest-free, repayable funding of up to $1,000,000. There are four categories of eligibility: rural businesses up to $40,000; woman-owned or woman-led businesses up to $40,000; all other small- and medium-sized businesses up to $40,000; funding over $40,000.
The RRRF will continue to accept and assess applications until March 31st, 2021, or until the funding runs out, whichever comes first. By the end of July, 2020, over $95m in relief and recovery funds had been distributed across Western Canada to more than 1,760 businesses.
Who is Eligible?
Businesses must meet the following mandatory criteria:
- Have fewer than 500 full-time employees (FTEs)
- Are located in Western Canada (defined as British Columbia, Alberta, Saskatchewan or Manitoba)
- Are not located in an area serviced by a Community Futures (CF) office
- Are not eligible for the Community Futures Emergency Loan program
- Have applied and were declined for funding from the Canada Emergency Business Account (CEBA) or were not eligible for CEBA funding
- Were operational as of March 1st, 2020
- Have suffered financially because of the COVID-19 pandemic
- Intend to continue operations in Western Canada
Are You a Women-Run Business?
If you are an eligible women-run business, the Government of Canada has made $8.3m in funding available through the RRRF to support the Women’s Enterprise Initiative (WEI) organizations across Western Canada.
Loans of up to $40,000 are available for sole proprietorships, partnerships, and corporations. Learn more and apply.
- There are different eligibility criteria for different types of businesses and for funding of up to $40,000 and over $40,000
- If your business is based in Metro Vancouver or Victoria, your application will be processed by Western Economic Diversification Canada through their website
- If you are located anywhere else in the province, your application will be processed by Community Futures BC
The RRRF will continue to accept and assess applications until March 31st, 2021, or until the funding runs out, whichever comes first.
- Western Economic Diversification Regional Relief and Recovery Fund
- Funding up to $40,000, for rural businesses
- Funding up to $40,000, for women-owned or women-led businesses
- Funding up to $40,000, for all other small- and medium-sized businesses
- Funding over $40,000
- Find and contact your local CF office in British Columbia
- View Government of Canada News Release
- Community Futures Panwest (Further Application Details)
Frequently Asked Questions About RRRF
Is the RRRF loan considered taxable income?
The Canada Revenue Agency (CRA) requires that RRRF funding be recorded as revenue on a business’ corporate tax return. For more information, RRRF applicants may contact the CRA through their free liaison service.
What happens to the balance after the end of 2022?
The remaining balance will become a 3-year loan with monthly payments. Full balance must be paid no later than December 31st 2025. Learn more.