Government of Canada provides additional relief funding to Kawartha Lakes CFDC
The Kawartha Lakes Community Futures Development Corporation (CFDC) recently announced additional relief support for businesses in Kawartha Lakes through the Government of Canada’s Regional Relief and Recovery Fund.
This additional funding has been made available through a $560,000 investment by the Government of Canada, through the Regional Relief and Recovery Fund. This funding is a top-up to the $1.1 Million investment made in May 2020.
Since the Fund was launched in May, Kawartha Lakes CFDC has provided over $880,000 in liquidity support to help 24 local businesses impacted by the pandemic to cover fixed operating costs and maintain 131 jobs.
Locally, Smitty’s Restaurant in Lindsay had to rapidly adapt to new protocols and reduced capacity as a result of the COVID-19 pandemic. With RRRF support through the Kawartha Lakes CFDC, they received liquidity funding at a critical time for their business and were able to maintain 25 jobs.
“2020 has proven to be more than just a challenge and I love a challenge,” says Shelly Hardaker, owner of Smitty’s Restaurant. “The Kawartha Lakes CFDC was instrumental with their guidance and the Regional Relief and Recovery Funding.”
“It has enabled me to deal with my reopening and focus 100% on the recovery for my family and all of my staff,” Hardaker adds. “We were actually able to hire!”
The Kawartha lakes CFDC has additional funds available to distribute to eligible local businesses. In order to provide targeted assistance to the small towns and communities we serve, Kawartha Lakes CFDC is focusing on assisting a range of businesses with loans from $10,000 up to $40,000.
Principal repayments can be made at any time and 25% (not to exceed $10,000) of the loan can be forgiven provided the recipient has paid 75% of the original loan amount prior to March 31, 2023.
If the recipient is unable to repay the loan by March 31, 2023, the loan will be converted to a three-year term loan with a 5% interest rate, effective April 1, 2023. The full balance must be repaid by no later than March 31, 2026.
Local businesses and organizations that have applied for but were unable to access existing federal COVID-19 relief programs are encouraged to contact Kawartha Lakes CFDC for more information.
Click here for more information on eligibility and the application process.
Should you require a loan of $40,000 or more and meet the eligibility criteria outlined on FedDev Ontario’s website, you can apply directly through FedDev Ontario.