The Prescott-Russell Community Development Corporation (PRCDC) is offering a new funding program for Prescott-Russell small and medium-sized businesses.
The Prescott-Russell Regional Relief and Recovery Fund (RRRF) is financial support for businesses that were unable to access the existing government’s support measures due to the COVID-19 pandemic.
Here are the funding parameters:
- Maximum loan of $40,000;
- 0% interest and no principal payments until January 2023;
- Principal repayments can be voluntarily made at any time;
- 25% (not exceeding $10,000) of any loan can be forgiven provided the recipient had paid 75% of the original loan amount prior to December 31st, 2022;
- If the recipient is unable to repay the loan by December 31st, 2022, the loan will be converted to a three-year term loan with interest rates up to 5%, effective January 1st, 2023. The full balance must be repaid no later than December 31st, 2025
Visit the website to know more about the guidelines, admissibility criteria and for the application form.
In addition, the Prescott-Russell Community Development Corporation (PRCDC) offers a recovery loan (from $5,000 up to $20,000), available on a limited basis. Please note, this loan cannot be used to pay debts owing to various levels of government (source deduction, personal and business income tax, GST, property taxes, etc.).
Before beginning your application, please carefully review the program guidelines to ensure your business is eligible to apply for funding or modification to an existing agreement and your proposed activities meet the program’s objectives and criteria.
You are encouraged to contact the PRCDC at 1-877-632-0919 or via email at [email protected] to discuss your application or proposed modification and other government programs that may be available to your business.