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Nottawasaga Futures to distribute $1 million to local businesses in need

May 29, 2020   ·   0 Comments

The Federal government has rolled out a number of programs to support businesses financially during the COVID-19 pandemic, but many are still falling through the cracks.

To help small to medium size businesses who’ve been unable to access the Government of Canada’s relief measures so far, $962 million was made available through the Regional Relief and Recovery Fund (RRRF) late last week.

“This funding is intended to help support the fixed operating costs of SMEs [small to medium size enterprises] or businesses that really have been effected by the COVID-19 pandemic,” noted Martin Kuzma, CEO of Nottawasaga Futures.

He said his organization received $1 million, which can be accessed by local retail shops, restaurants, corner stores, and businesses of strategic importance to the community, through loans up to $40,000.

“At this point there’s no deadline really; as long as there’s money available then we’ll be taking applications,” Kuzma explained. “We’re very hopeful we can help businesses in the medium term to get through this.”

The program is primarily for sole entrepreneurs with just one part time or full-time employee who are in need of relief to stay afloat, Kuzma told The Times.

If any business requires funding in excess of $40,000, they can apply for funds through the Federal Economic Development Agency for Southern Ontario.

Nottawasaga Futures has already received a high number of inquiries for the RRRF loans and anticipates the funding to be exhausted within the next three to five weeks.

Like everywhere else, New Tecumseth businesses are struggling to cover their expenses with limited revenue coming in during the pandemic, Kuzma noted.

“Businesses have been forced to shut down quickly and it’s been going on two months now,” he said. “Everybody’s doing the best that they can to adopt the new economic reality.”

Curbside pickup for purchases and rentals have helped some businesses and others are creating a stronger presence online to adapt through the pandemic.

Of the nearly $1 billion being distributed through Canada’s RRRF, $213 million is for small to medium size enterprises in Southern Ontario and $39.4 million is to provide rural businesses with access to capital and business support through Ontario’s Community Future Development Corporations.

“This investment in the RRRF will capitalize on Community Futures Development Corporations’ unique position and expertise to help support rural businesses and entrepreneurs during these challenging times,” said Shawn Heard, President of Ontario Association for Community Futures Development Corporations Inc.

For more details about the program and to apply, contact Andie Cote at andie@nottawasga.com or call 705-435-1540 ext. 104.

By Sam Odrowski
Local Journalism Initiative Reporter

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