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 $40,000 are available through WESK to address COVID-19 impacts on short-term stability.

This access to financing will support small enterprises that are unable to access larger federal relief funding programs, or unable to obtain a loan/credit from traditional financial institutions, and that are struggling with working capital needs.

Eligibility Requirements

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 in Saskatchewan;
  • be a Saskatchewan resident, 18 years of age or older;
  • impacted adversely due to the COVID-19 pandemic;
  • 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.

Parameters of the RRRF

  • Maximum assistance will be $40,000;
  • 0% interest and no principal payments until December 31, 2022;
  • Principal repayments can be voluntarily made at any time;
  • 25% (not to exceed $10,000) can be forgiven provided the Client has paid 75% of the original loan amount prior to December 31, 2022;
  • If the Client is unable to repay the loan by December 31, 2022, the loan will be converted to a three-year term loan with interest rates up to 5%, effective January 1, 2023.  The full balance must be repaid no later than December 31, 2025;
  • Loan pooling is prohibited;
  • Equity investments are prohibited; and
  • Grants and contributions are prohibited.

Eligible Costs

  • Loans are to coveronly fixed cost. Costs such as rent, salaries and benefits will only be considered if the applicant is ineligible, rejected and/or not already receiving assistance for these costs from other federal and provincial funding measures.
  • salaries, and benefits (will only be considered if not eligible or declined from the Canada Emergency Wage Subsidy;
  • property taxes;
  • rent; (applicants are expected to pursue with their landlord access to the Canadian Emergency Commercial Rent Assistance (CECRA) for small businesses);
  • utilities;
  • cleaning supplies and additional safety measures;
  • bank interest/charges;
  • office supplies and vehicle operating expenses;
  • lease payments for existing equipment and machinery;
  • professional fees;
  • insurances; and
  • other eligible expenses associated with retooling, rethinking workflows, automation, robotics, developing new markets, etc.  

Ready to Apply?

To apply, please click the button below and create an account.

Have more questions? Check out our Frequently Asked Questions section below.


Supported by:

Not from Saskatchewan? Check out our counterparts across Western Canada below:

Women’s Enterprise Center (British Columbia)

Alberta Women Entrepreneurs

Women’s Enterprise Center (Manitoba)

Pour obtenir de l’aide concernant votre demande au titre du FARR et d’autres services en français, veuillez communiquer avec le Conseil de la Coopération de la Saskatchewan.

Frequently Asked Questions

Who is eligible for the RRRF?

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 in Saskatchewan;
  • be a Saskatchewan resident, 18 years of age or older;
  • impacted adversely due to the COVID-19 pandemic;
  • 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.

Business that are not eligible to apply:

Organizations that have accepted other federal government COVID-19 loan accounts such as:

  • Canada Emergency Business Account (CEBA)
  • Business Credit Availability Program (BCAP)
  • Emergency Loan Program for Indigenous Businesses
  • RRRF – WD Program
  • RRRF – Community Futures Program

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When should I apply?

You can apply whenever you are ready! You will create an account on our new portal https://wesk.commongoalsapp.com/Login and complete the application online. You will be able to save your application on the portal and come back to it later if you want. The draft application will expire in 30 days if not completed in that time.

Applications will be accepted and assessed in the order they are received. Funding is subject to availability.

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Does my business qualify as woman-owned?

Woman-owned (or women-owned) is defined as >50% ownership. In addition, there must be no shareholder, marital, or other agreement in place that restricts the woman’s right to vote and thus have control over the company. For control to be evident, a woman or women must be actively involved in the daily operations of the business. If you have exactly 50% ownership currently, or are unsure if you qualify, please contact WESK.

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Where can I check the status of my application request?

The application portal will automatically notify you of any status updates. Please ensure that you add the email address wesk@commongoalsapp.com to your contact list to ensure you receive all notifications and announcements from the application portal. An email will be sent whenever the status of your application changes. Additionally, you can log onto the portal at any time to see the currently status of your application. After a decision has been made a WESK staff member will let you know.

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What do I need to prepare for the application process?

  • Organization Legal Name and Contact Information (address, phone number, )
  • Description of COVID-19 impact on your business
  • Description of how RRRF funding will impact your business
  • CRA Business number, GST number, PST number from Saskatchewan Finance
  • Two pieces of ID, one of which is a photo ID
  • Two years financial statements, if available
  • Details of any recent arrears by the organization
  • Projected cash flow for July 1, 2020 to June 30, 2021
  • VOID cheque from your financial institution
  • Attestation by someone with signing power/authority to enter into legal agreement
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What are the repayment terms?

  • Repayment of 75%, or up to $30,000, of the loan amount, on or before December 31, 2022, will result in the forgiveness of 25%, or up to $10,000 of the total loan
  • No scheduled monthly repayments are required until after December 31, 2022
  • If 75% of the loan amount is not repaid by December 31, 2022, the balance owing will be converted to an additional three (3) year term loan (with a fixed monthly repayment schedule), beginning January 2023, with no forgivable portion
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What is the interest on the loan?

No interest applies until January 1, 2023! Commencing on January 1, 2023, interest accrues on the balance of the term loan at the rate of 5% per annum, payable monthly.

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When do I start repaying the loan?

You may start repaying the loan in part or in full at any time without penalty, though no repayments are required by the borrower until December 31st, 2022.

If you pay 75% of the balance of the term loan (as at January 1, 2021), on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven.

 

If you do not pay 75% of the balance by December 31, 2022, no amount will be forgiven and 100% of the remaining balance will automatically convert into a three-year demand loan on January 1st, 2023 and must be repaid in full by December 31st, 2025. Monthly scheduled payments will commence in January 2023 at the fixed rate of 5.00% per annum.

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Is this a grant?

This is not a grant, however, repayment of 75%, or up to $30,000, of the loan amount, on or before December 31, 2022, will result in the forgiveness of 25%, or up to $10,000 of the total loan!

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Once I have submitted my application, how long will it take before the funds are deposited into my account?

It will depend on the number of applications we receive, and if there is any follow-up required on your application, but our goal is to have the funds in your bank account approximately one week from the time your application is completed in full.

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I’m an existing WESK loan client. My loan with WESK has not been paid yet; can I use this fund to pay off my WESK loan?

The RRRF loan cannot be used to make lump sum payments on debt or to payout your loan with WESK. However, funds can be used for fixed regularly scheduled debt servicing payments, including your existing WESK loan.

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Are there restrictions on what these funds can be used for?

Loans are to cover only fixed costs such as rent, salaries and benefits and will only be considered on amounts not already covered through other federal and provincial funding measures.

  1. salaries, and benefits on amounts not already covered through the Canada Emergency Wage Subsidy (CEWS);
  2. property taxes;
  3. rent or lease payments on amounts not already covered through the Canadian Emergency Commercial Rent Assistance (CECRA) for small businesses;
  4. utilities;
  5. cleaning supplies and additional safety measures;
  6. bank interest/charges;
  7. office supplies and vehicle operating expenses;
  8. lease payments for existing equipment and machinery;
  9. professional fees;
  10. insurances; and
  11. other eligible expenses associated with retooling, rethinking workflows, automation, robotics, developing new markets,

 

Funds can be used for fixed regularly scheduled debt servicing payments.

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What happens if there are multiple owners in my business?

Only one person from the organization can agree to the legal documents in the online enrollment process for the RRRF. The person enrolling your organization must be majority shareholder, have the legal authority to attest on behalf of the organization and legally bind the organization to the terms of the loan agreement.

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Can I apply for less than $40,000?

Yes, you can apply for any amount up to $40,000. You should apply for the amount you need to sustain the business and recover from the COVID-19 pandemic up to a maximum of $40,000.

 

If 75% of the loan amount is not repaid by December 31, 2022, the balance owing will be converted to an additional three (3) year term repayable loan (with a fixed monthly repayment schedule), beginning January 2023, with no forgivable portion.

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If I apply for less than $40,000 will I still get 25% forgiven?

25% of whatever amount you borrow will be forgiven if you pay 75% of your loan by Dec 31, 2022.

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What happens if I need more than $40,000?

If you require more than $40,000 offered by WESK RRRF, please apply through the WD RRRF Program

https://www.wd-deo.gc.ca/eng/20061.asp.

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What if the amount I ask for turns out not to be enough? Can I reapply for more at a later time?

No, this is a one-time application and you can only apply once for funding.

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Will you be checking my credit?

If you have an existing loan with WESK we will not pull a new credit report on you however if you have never had a loan with WESK we may pull information from credit bureaus.

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