Rural businesses in Saskatchewan impacted by the COVID-19 pandemic can now access new financial relief and recovery support. Community Futures offices throughout Saskatchewan are offering tailored small business loans as part of the Government of Canada’s Regional Relief and Recovery Fund (RRRF).
These partially forgivable loans ensure that rural businesses that do 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 Patricia Hughes, Chairperson of Community Futures Saskatchewan. “Rural businesses need our support now more than ever, and we are pleased to offer it through the Government of Canada’s RRRF program.”
The funding is part of an announced $95.7 million to be delivered through Community Futures organizations for rural and remote small businesses in Western Canada that were impacted adversely due to the COVID-19 pandemic and have costs that have not been covered through other COVID-19 support programs such as the Canada Emergency Business Account (CEBA).
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 per cent 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 and loans must be repaid by December 31, 2025
• No prepayment penalties
To apply for Community Futures RRRF loans, visit: https://cfsask.ca/rrrf-search