Small and medium-sized businesses can now receive loans up to $40,000 through the federal governments Regional Relief and Recovery Fund which is being administered by the Community Futures North Cariboo business resource centre. (Black Press file photo)

Small and medium-sized businesses can now receive loans up to $40,000 through the federal governments Regional Relief and Recovery Fund which is being administered by the Community Futures North Cariboo business resource centre. (Black Press file photo)

New relief fund brings help to small and medium-sized businesses

The Regional Relief and Recovery Fund will be administered by Community Futures North Cariboo

Community Futures North Cariboo (CFNC) is offering loans up to $40,000 to qualified local business’s through the federal government’s Regional Relief and Recovery Fund (RRRF).

The federal fund provides loans of up to $40,000 to small and medium-sized businesses which have less than 500 employees and an annual sales revenue of less than $20 million, that were negatively impacted by COVID-19.

Business expenses which are eligible uses for loan funding are payroll, rent, utilities, insurance, property tax and regularly scheduled debt service. The funding may not be used to cover any payments or expenses such as prepayment or refinancing existing indebtedness, payments of dividends, distributions or increases in management compensation.

Greg Lawrence, General Manager of CFNC, says the organization has been in communication with local businesses, learning what resources they require due to the negative economic impacts of COVID-19 and is excited to be able to help those that need it.

“We have been talking with many of our local businesses in our area through the Business Support Hotline to learn first-hand what they need to move forward through this pandemic,” said Lawrence. “We have listened and are happy to be able to support those businesses that have fallen through the cracks with existing federal and provincial business funding.”

The RRRF repayment terms include no interest and no payments through to Dec. 31, 2022, furthermore if 75 per cent of the loan is repaid by Dec. 31, 2022, the remainder is forgiven.

Payments begin January 2023 and loans must be repaid by Dec. 31, 2025 and there are no prepayment penalties.

Individuals interested in learning more about the RRRF loans can contact the CFNC by phone at 250-992-2322 or visit their website www.cfquesnel.com.

READ MORE: COVID-19: Quesnel businesses can access new support hotline



sasha.sefter@quesnelobserver.com

Like us on Facebook and follow us on Twitter

Quesnel

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

In this file photo from 2019, Tammy Burrows of the Wild Women of the North Society organizes the donations before the group of volunteers begins assembling Christmas hampers Dec. 22 at the Quesnel Tillicum Society Native Friendship Centre. The society is collecting food hamper items again this winter, along with winter clothing and warm gear. (Quesnel Cariboo Observer File Photo)
There are many ways to help fill Christmas hampers in and around Quesnel

Many businesses, volunteers and the RCMP are collecting hamper items over the next few weeks

A masked statue of Billy Barker sits on top of his namesake casino in downtown Quesnel. As we head into the weekend, Northern Health is urging residents to follow all provincial health orders, which include mandatory masks inside all indoor spaces. (Cassidy Dankochik Photo - Quesnel Cariboo Observer)
A masked statue of Billy Barker sits on top of his namesake casino, eight months to the day it was closed to help stop the spread of COVID-19. Owner Brad Kotzer said they won’t be opening in 2020. (Cassidy Dankochik Photo - Quesnel Cariboo Observer)
Northern Health urges residents to respect COVID-19 rules

The number of COVID-19 cases has been growing, and Northern Health saw 35 new cases from Nov. 26-27

Coralee Oakes won 48.42 per cent of ballots in the Cariboo North district in the October election, en route to winning a third term as MLA. (Photo Submitted)
Cariboo North MLA sworn in, despite technical difficulties

Coralee Oakes began her third term as the region’s MLA but couldn’t attend the virtual ceremony

Dr. Richard McAloney, an adjunct professor in the school of business at the University of Northern British Columbia, is the founding director of the new Centre for Technology Adoption for Aging in the North. (University of Northern British Columbia Facebook Photo)
New innovation hub aims to bridge the technology adoption gap northern B.C.

The Centre for Technology Adoption for Aging in the North is hosted at UNBC

The Quesnel RCMP detachment will be donating the goods collected for the holiday season to four local charities. (Quesnel RCMP)
Quesnel RCMP hoping to ‘stuff a cruiser’

Items donated on Dec. 6 and 7 will be given to four local charities

Mary Cox and Jack Plant dance in their pyjamas and slippers at the morning pyjama dance during the Rhythm Reelers’ 25 Annual Rally in the Valley Square Dance Festival in Chilliwack on June 4, 2011. Sunday, Nov. 29, 2020 is Square Dancing Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of Nov. 29 to Dec. 5

Square Dancing Day, Disability Day and International Ninja Day are all coming up this week

Black Press Media and BraveFace have come together to support children facing life-threatening conditions. Net proceeds from these washable, reusable, three-layer masks go to Make-A-Wish Foundation BC & Yukon.
Put on a BraveFace: Help make children’s wishes come true

Black Press Media, BraveFace host mask fundraiser for Make-A-Wish Foundation

More than 60 cm of snow has fallen at Ulkatcho First Nation near Anahim Lake in the Chilcotin since a snowfall warning went into effect Thursday, Nov. 26. (Graham West photo)
VIDEO: More than 60 cm of snowfall in Chilcotin since Thursday, Nov. 26

Graham West of Ulkatcho First Nation captures the scene on video

Screenshot of Pastor James Butler giving a sermon at Free Grace Baptist Church in Chilliwack on Nov. 22, 2020. The church has decided to continue in-person services despite a public health order banning worship services that was issued on Nov. 19, 2020. (YouTube)
2 Lower Mainland churches continue in-person services despite public health orders

Pastors say faith groups are unfairly targeted and that charter rights protect their decisions

A big job: Former forests minister Doug Donaldson stands before a 500-year-old Douglas fir in Saanich to announce preservation of some of B.C.’s oldest trees, July 2019. (B.C. government)
B.C. returning to ‘stand-alone’ forests, rural development ministry

Horgan says Gordon Campbell’s super-ministry doesn’t work

Peter Wilson, left, and Micah Rankin, right, formed the Special Prosecutor team that was tasked with reviewing and litigating charges stemming from the Bountiful investigation. Trevor Crawley photo.
End of Bountiful prosecution wraps up decades of legal battles

Constitutional questions had to be settled before a polygamy prosecution could move forward

Alexandre Bissonnette, who pleaded guilty to a mass shooting at a Quebec City mosque, arrives at the courthouse in Quebec City on February 21, 2017. THE CANADIAN PRESS/Mathieu Belanger - POOL
Court strikes down consecutive life sentences; mosque shooter has prison term cut

The decision was appealed by both the defence and the Crown

Gold medallists in the ice dance, free dance figure skating Tessa Virtue and Scott Moir, of Canada, pose during their medals ceremony at the 2018 Winter Olympics in Pyeongchang, South Korea, Tuesday, Feb. 20, 2018. THE CANADIAN PRESS/AP-Charlie Riedel
Olympic champions Virtue, Moir and Tewksbury among 114 Order of Canada inductees

Moir and Virtue catapulted to national stardom with their gold-medal performances at the Winter Olympics in 2018

Shoppers line up in front of a shop on Montreal’s Saint-Catherine Street in search of Black Friday deals in Montreal, Friday, Nov. 27, 2020. THE CANADIAN PRESS/Paul Chiasson
Black Friday shopping in a pandemic: COVID-19 closes some stores, sales move online

Eric Morris, head of retail at Google Canada, says e-commerce in Canada has doubled during the pandemic.

Most Read