Regional Relief and Recovery Fund

Regional Relief and Recovery Fund

Community Futures Emergency Loan Program

Community Futures Okanagan-Similkameen is proud to be a part of the Federal Government’s economic response, in delivering the Community Futures Emergency Loan Program, part of the Regional Relief and Recovery Fund to business in our community.

We would like the business community to know that while we have not yet received the Regional Relief and Recovery Funds to lend out, we are taking contact information of interested businesses in order to pass on application details once they are available.

For loans under $40,000

Please see criteria and complete the contact form below.

We will get in touch with application

information as soon as it is available.

For loans over $40,000 (up to $1M)

Online Application

Toll Free: 1-888-338-9378

Email: wd.bc-cb.deo@canada.ca

Loan terms (under $40,000)

Our preliminary information is that loans under $40,000 will have the following features:

  • 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 is forgiven.
  • Blended principal and interest payments beginning January 1, 2023. Loans must be repaid by December 31, 2025.
  • No prepayment penalties.
Eligibility

Small and Medium-Sized Enterprises (SMEs) located in

Penticton, Naramata, Summerland, Okanagan Falls, Oliver, Osoyoos, Keremeos, Hedley, Princeton, Penticton Indian Band, Osoyoos Indian Band, Upper Similkameen Indian Band, Lower Similkameen Indian Band, Twin Lakes, Oyama, Cawston, Bridesville, Coalmont, Tulameen, Apex.

  • The SME must attest to their ineligibility for:
    • Canada Emergency Business Account (CEBA) or the
    • Business Credit Availability Program (BCAP)
  • The small business must have been viable and not experiencing any liquidity or other financial difficulties as of March 1, 2020.
  • The small business must have experienced a material adverse effect on business operations on or after March 1, 2020, as a result of the COVID-19 pandemic.
  • Business established before March 1, 2020.
  • Be a sole proprietorship, partnership (except professional services), corporation, social enterprise, or other similar organization.
Eligible expenses:

• Operating expenses, payroll, and other non-deferrable expenses that are critical to sustaining your business’ continuity.

 

If you meet these criteria, please apply here.