FOR IMMEDIATE RELEASE
June 8, 2020
Community Futures Delivers COVID-19 Support Loans for Rural Businesses
Mission, BC: Rural small businesses in British Columbia impacted by the COVID-19 pandemic can now access new financial relief and recovery support. Community Futures offices throughout BC are offering tailored small business loans as part of the Government of Canada’s Regional Relief and Recovery Fund (RRRF). These partially forgivable loans of up to $40,000 ensure that rural businesses that may not qualify for other federal business support programs receive support to meet regular business expenses during this crisis.
“COVID-19 has severely impacted rural businesses and communities throughout our province,” said Mike Guarnery, Chairperson of Community Futures British Columbia. “Rural businesses need our support now more than ever, and we are pleased to offer it through the Government of Canada’s RRRF program.”
A total of $95.7 million in RRRF-CF Stream funds will be delivered through Community Futures organizations in Western Canada to rural and remote small businesses that have been adversely impacted due to the COVID-19 pandemic.
Rural small- and medium-sized businesses can apply for loans of up to $40,000 with terms that include:
- No interest accrual or principal payments through December 31, 2022
- If 75% of the loan is repaid by December 31, 2022, the remainder of the loan, up to $10,000 is forgivable
- Blended principal and interest payments beginning January 1, 2023 and loans must be repaid by December 31, 2025
- No prepayment penalties
To apply for an RRRF loan, please visit Community Futures BC’s website HERE.
Media contact: Cheryl Johnson
Executive Director, Community Futures British Columbia