Regional Relief and Recovery Fund
Community Futures Emergency Loan Program
Community Futures Okanagan Similkameen is proud support our local community through the pandemic, and recovery. A total of 143 Covid 19 loans were approved, and we disbursed more than $1.7 million in funding. Loans have 0% interest until the initial term is finished (December 31st, 2023). Loan repayments are due to start on January 31st, 2024. Here is what you need to know:
Frequently Asked Questions (FAQ)
1. I’d like to start making loan repayments. How do I begin?
Reach out to the Financing Manager to let us know your plans. Tell us how much you would like to pay and when. You have the option of making a one-off payment, or setting up regular monthly pre-payments (On the 1st OR 15th of every month) for peace of mind. Payments can then be withdrawn directly from the bank account which was previously provided. We make it easy to get your loan repayments restarted.
2. I’m unsure of the details of my loan. How do I find this out?
The fine details for your loan will be outlined in the “Loan Agreement”. This was likely shared with you electronically. Search your email for a document called “RRRF_Loan_Agreement”. Alternatively, you can view the details on your loan profile (click here: My Loan Portal Login ). If you are still unsure or would like clarification – reach out to Community Futures Okanagan Similkameen directly.
3. I won’t be able to repay the loan in full before the repayments start. Help, what do I do now?
Your loan will be automatically extended for an additional 2-year term (maturing on Dec 31st, 2025). The interest rate will be 5%. Alternatively reach out to the Financing Manager to discuss the options for converting your loan to a regular loan with Community Futures (which can offer different terms, such as extended amortization).
4. How do I view my loan balance and payments to date?
Log into your loan profile here: My Loan Portal. This is the account you created when first applying for your loan with Community Futures. It will be very useful for tracking your loan progress.
5. How does the loan forgiveness work? How much do I need to pay to qualify?
Click here for the fine print on RRRF loan repayments: Government of Canada Regional Relief and Recovery Fund RRRF
Here are some examples of the qualifying amounts, and how your loan repayments might look:
Jane had one RRRF loan with Community futures. She received $40,000 in emergency loan funding.
If Jane repays 75% ($30,000) of this loan by Dec 31st, 2023, the remaining 25% ($10,000) will be forgiven in full.
Joe applied for the original Covid 19 loan and received $40,000 in emergency loan funding (we call this Loan A).
Joe also applied for the “expansion funding” top-up and received an additional $20,000 in support funding (we call this Loan B).
The rules for the first loan are the same for everyone. If Joe repays 75% ($30,000) of the first loan (Loan A) loan by Dec 31st, 2023, the remaining 25% ($10,000) will be forgiven in full.
The rules for the “top-up” loan are a little different. If Joe repays 50% ($10,000) of the second loan (Loan B) by Dec 31st, 2023, the remaining 50% ($10,000) will be forgiven in full.
Loan A needs to be repaid in full though before repayments can start on Loan B.
Jack applied for and received $15,000 in emergency funding. Due to personal circumstances, he won’t be able to repay the full amount by the forgiveness period.
This means that loan repayments are due to start on January 31st, 2024. Community Futures will reach out to Jack to confirm the repayment schedule, and see how he would like to proceed. There may be the option to convert the RRRF loan to a longer-term loan, with different repayment amounts if the original is not manageable. Training and support are also on offer, to help Jack maximize his revenues and business potential