FedNor launches Regional Relief and Recovery Fund to support local economies
Northern Ontario businesses that are unable to access other existing measures can now apply for Regional Relief and Recovery Fund (RRRF) support through FedNor. A total of $49.5 million has been allocated in support of Northern Ontario businesses and organizations, and will be allocated through two funding streams.
Regional economy stream in Northern Ontario
FedNor is delivering $24 million of this RRRF investment through its Regional Economic Growth through Innovation program. Eligible applicants include businesses such as incorporated companies, corporations or co-operatives, or Indigenous organizations such as Indigenous/First Nation/Métis Settlement-owned businesses, as well as various not-for-profit entities. Sole Proprietors and Partnerships are not eligible.
The RRRF will support a variety of costs or activities to help SMEs and not-for-profit organizations stay solvent over a period of six months. Full details and eligibility criteria are listed here. All applications will be evaluated on their ability to achieve the Fund’s objectives and on their relative strengths in numerous areas including:
- Not eligible for other assistance programs
- Demonstrated Need
- Priority Sector Alignment:
- Health and Life Sciences (Private Sector only, excluding professional services)
- Mining Supply and Services
- Information and Communication Technology
- Not-for-Profit Sector: Chambers of Commerce
- Not-for-Profit Sector: Industry or Sector Association
- Not-for-Profit Sector: Tourism organizations
- Other sector or applicant of significant importance to a community, region or supply chain.
Community Futures stream in Northern Ontario
FedNor is partnering with Northern Ontario’s 24 Community Futures Development Corporations (CFDCs) to deliver $25.5 million in RRRF support directly to small businesses and entrepreneurs in rural areas. This includes sole proprietorships or partnerships not covered under the Regional Economy stream. Each CFDC is managing its own application and selection process in accordance with the parameters set out in the RRRF, and will determine ultimate funding recipients in accordance with its own policies and procedures.
To find out more about RRRF funding available through this stream, contact Thunder Bay Ventures