COMMUNITY FUTURES OKANAGAN SIMILKAMEEN SUPPORTS LOCAL BUSINESSES TO THE TUNE OF OVER $1.7 MILLION
Penticton: In the last six weeks, Community Futures Okanagan Similkameen has had the privilege of supporting 47 local businesses through the Regional Relief and Recovery Fund to the tune of over $1.7 million. This Fund helps businesses, organizations and communities relieve the economic impact of COVID-19 and prepare for recovery by:
mitigating financial pressures so that you can continue your operations and keep paying employees
supporting business projects to prepare now for a successful recovery
“Throughout the pandemic, our staff has had an incredible, busy time evaluating and approving applications,” said Charles Cornell, General Manager. “It is so rewarding to be able to support so many local businesses.”
“The businesses represent all sectors of industry, half are owned by women, as well as several owned by youth & entrepreneurs with disabilities,” Cornell continued. “In our region, the RRRF program is supporting businesses that collectively employ more than 204 people.”
The program was made possible through funding from Western Economic Diversification for businesses that were unable to receive support from other COVID-19 related programs. The loans are up to $40,000 and feature no interest and no payments until December 2022. They must be repaid in full by December 31, 2025. If the loan is repaid by the end of 2022 up to $10,000 will be forgiven.
Community Futures Okanagan Similkameen still has funds available for a few more applicants so encourage business owners in the region who are struggling due to the pandemic to apply online.