Regional Relief and Recovery Fund
The Regional Relief and Recovery Fund was announced by the Government of Canada to provide financial support directly to small and medium-sized women-owned businesses. Loans of up to $60,000 were made available through WESK to address COVID-19 impacts on short-term stability. This access to financing supported small enterprises that were unable to access larger federal relief funding programs, or were unable to obtain a loan/credit from traditional financial institutions, and that struggled with working capital needs.
As of June 30, 2021, applications are no longer being accepted.
January 13, 2022 Announcement
The Government of Canada has just announced that the repayment deadline to qualify for partial forgiveness for CEBA and the Regional Relief and Recovery Fund has been extended to December 31, 2023.
This extension will offer greater repayment flexibility to small businesses and not-for-profit organizations, many of which are facing continued challenges due to the pandemic. Repayment can happen on or before this new deadline. Outstanding loans would subsequently convert to two-year term loans with a rate not exceeding 5% per annum commencing on January 1, 2024, with the loans fully due by December 31, 2025.
Eligible applicants include sole proprietors, partnership, corporation, social enterprise, or other similar organization. Eligible applicants must also meet the following criteria which will be captured in an attestation form:
- established prior to March 1, 2020;
- be a woman or an operation owned and controlled by a woman or women (“Woman owned” is defined as >50% ownership)
- be a Canadian citizen or landed immigrant (permanent resident); or a legal entity owned and controlled by a Canadian citizen(s) or landed immigrant(s);
- be a registered business in Saskatchewan;
- be operating and intend to continue to operate in Saskatchewan;
- be a Saskatchewan resident, 18 years of age or older;
- impacted adversely due to the COVID-19 pandemic;
- have fewer than 500 full-time employees (FTEs);
- viable and not experiencing financial pressures prior to March 1, 2020; and
- are ineligible, rejected, and/or not receiving other federal relief supports for the same expenditures.
Did you receive a RRRF loan through WESK? Visit our RRRF client workspace below!
Applications are closed effective June 30, 2021.
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