The health and well-being of you, your enterprise, and your community is our top priority during the COVID-19 challenge. We stand ready to support you in these difficult times. We are providing relief for enterprises experiencing hardship as a result of the outbreak, and recovery loans for organizations negatively impacted.
While the economy is beginning to re-open and entrepreneurs are working hard to bounce back, enterprises continue to face unprecedented uncertainty and hardship due to the impacts of COVID-19. During these testing times, we want you to know that we are here for you.
In light of the ongoing challenges, we have suspended all payments for 3 months from July 1 2020 until September 30 2020 for loan clients, on top of the earlier 3 month suspension from April 1 2020 until June 30 2020, for a total of 6 months of relief. We have also deferred interest during this additional 3-month period. No payments are required during this time. You do not need to apply for this relief as it will be automatically extended to you.
Community Futures is offering recovery loans to support organizations that are being negatively impacted by the COVID-19 outbreak. New and existing clients may apply for recovery loans, and the application fee is waived. Loans may be used for working capital to support payment of expenses.
- Maximum assistance will be $40,000
- 0% interest
- No principal payments until December 31, 2022
- Principal payments can be voluntarily made at any time
- 25% of any loan can be forgiven (not to exceed $10,000) provided the recipient has paid 75% of the original loan amount prior to December 31, 2022
If the recipient 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. The full balance must be repaid no later than December 31, 2025.
You will be required to complete an attestation when you apply stating your enterprise has attempted to access other federal supports and were ineligible, rejected, or require additional funding for expenses in excess of support already received. To be eligible, your enterprise must have been impacted adversely due to the COVID-19, established prior to March 1, 2020, and been financially viable prior to the pandemic.
If your business wishes to apply for more than $40,000, Community Futures may require more information to support the application.
Prior to applying, you are encouraged to read our FAQ on Regional Relief and Recovery Fund.
A business is eligible to apply for funding as long as it is domiciled in Prince Edward or Lennox and Addington County, and established prior to March 1st, 2020. The business could be a sole proprietorship, partnership or corporation.
You can apply for a loan by emailing the Regional Relief and Recovery Fund team at firstname.lastname@example.org, with the following information:
- Business License, or Articles of Incorporation, or Partnership Agreement
- Annual Financial Statements for most recent 2 Years, or fewer for newer businesses, including income statement and balance sheet, or, if these are not available, a summary of annual business revenue, expenses, assets and liabilities
- Completed Regional Relief and Recovery Fund (RRRF) Application