Local Businesses Can Apply for a $40,000 Loan to Help Them During the Second Wave

Monday, 30 November 2020 at 15:45

Community Futures Oxford has received an additional $220,000 from the Regional Relief and Recovery Fund to help local small businesses.

OXFORD COUNTY - Small businesses in Oxford County could be eligible for a $40,000 loan through Community Futures Oxford.

Manager Allan Simm says this money has been made available through Canada's Regional Relief and Recovery Fund.

"This is additional relief for small businesses, it is a $40,000 loan that is available to help small businesses during this pandemic."

Simm says this is the second round of loans through the program and they have already helped 30 small businesses.

"During the first stream, we helped 30 businesses and just over $995,000 were provided during the first stream to 30 businesses. We have received an additional $220,000 from the Government of Canada through the Regional Relief and Recovery Fund and this is to support these entrepreneurs and help them get through this horrible pandemic and we can keep these retailers going and support our entrepreneurs downtown to stabilize their operations."

Cindy Walker, the owner of Chocolatea in downtown Ingersoll was one of the first recipients of the loan in Oxford County and she says it was a huge support.

“Receiving the RRRF loan was just that: relief! It offered the ability to move forward in business while reducing the stress of the unknown which otherwise may not have been there. As a small business owner in a small community, we've come to rely upon each other to get through this the best we know how, and this wouldn't have been possible without support from FedDev Ontario through Community Futures Oxford.”

Simm says 25% of the loan is forgivable if it is paid back prior to March 31st of 2023.

"If somebody gets $40,000 they are able to keep $10,000 if they pay it back by the deadline. They do have time where there is an interest free period, no payments, no interest and if they don't pay it back, it is converted to a 3 year term loan."

You can find information on how to apply online here.