Federal fund aimed at helping businesses and non-profits recover

Local small businesses and non-profits can apply for loans of up to $40,000 to cover expenses incurred during the Covid pandemic through the federal government’s Regional Relief and Recovery Fund.

“This is a fund for non-profits and all the other businesses that may have fallen through the cracks and not qualified for the federal government’s wage subsidy or Canada Emergency Business Account,” said Michele Hill, chair of the board of directors for Community Futures North Okanagan, which will be administering the fund for Western Economic Diversification Canada.

CFNO is now accepting applications.The federal fund provides loans of up to $40,000 to non-profits and small and medium-sized businesses located in non-metropolitan areas that were negatively impacted by COVID-19, and have costs that have not been covered by other COVID-19 supports. Expenses incurred during this period that are eligible include lease payments, rent, salaries and benefits, property taxes, utilities, bank charges and interest, office supplies, vehicle supplies and more.

“This funding will go such a long way to help cover some pretty big expenses incurred at a time when many of these businesses and organizations were seeing just a fraction of their normal revenue,” said Kazia Mullin, Business Services Manager. “It could be a lifeline for the many non-profits and small and family-owned businesses that didn’t meet criteria for other government supports.”