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.