Women’s Enterprise Centre is pleased to provide access to this Regional Relief and Recovery Fund (RRRF) to women entrepreneurs in BC. If your business is majority woman-owned and controlled, and struggling to meet working capital needs due to COVID-19, then this may be a good option for you.
Sponsoring Agency: Women’s Enterprise Centre
Type of Fund: Loan/Finance
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 06/30/2021
Size of the Fund: USD $50,000 to $500,000
Women’s Enterprise Centre is pleased to provide access to this Regional Relief and Recovery Fund (RRRF) to women entrepreneurs in BC. If your business is majority woman-owned and controlled, and struggling to meet working capital needs due to COVID-19, then this may be a good option for you.
The Government of Canada, through Western Economic Diversification Canada, is providing loans of up to $60,000 for eligible women-run businesses to help small businesses cope with financial hardship and recovery from economic disruption resulting from COVID-19.
This option is available for sole proprietorships, partnerships and corporations.
Loan Parameters
• Maximum assistance is $60,000.
• 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) on the first $40,000, can be forgiven provided you have paid 75% of the original loan amount prior to December 31, 2022;
• 50% (not to exceed $10,000) on amounts between $40,001 to $60,000, can be forgiven provided you have paid 50% of the original loan amount prior to December 31, 2022;
• Includes wrap-around services from Women’s Enterprise Centre, including complimentary access to a Business Advisor, training and promotional opportunities, plus access to our Peer Mentoring Circles designed specifically for RRRF recipients;
• If loan is not repaid 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;
• Use of funds for repayment of existing loan debt, including but not limited to a WEC loan, is prohibited.
Who is this fund for?
• Businesses must demonstrate they were financially healthy prior to COVID-19;
• Businesses must attest that they have applied for and either been declined or did not qualify for other government COVID-19 relief funds;
• Businesses must demonstrate how they have been negatively affected by COVID -19;
• Businesses must demonstrate ability to repay the debt based on historical financial information. An approved loan amount may be lower than the requested amount, based on eligible costs and ability to repay the debt.
Eligibility Criteria
• All applicants must be:
o A woman who owns and controls at least 51% of a business that is registered and located in British Columbia
o A Canadian citizen or Permanent Resident
o Residing in British Columbia
o Over 19 years old
• As well:
o Eligible applicants include sole proprietors, partnerships and corporations.
o Eligible applicants must also meet the following criteria which will be captured in the application form:
Business was established prior to March 1, 2020;
Business was impacted adversely due to the COVID-19 pandemic;
Business was viable and not experiencing financial pressures prior to March 1, 2020;
Business was ineligible, rejected and/or not receiving other federal relief supports, such as the Canada Emergency Business Account (CEBA) for the same expenditure
If you are seeking loans over $60,000 you may be eligible to receive RRRF assistance directly from Western Economic Diversification. However, you cannot receive RRRF assistance from both Women’s Enterprise Centre and directly through Western Economic Diversification.
More information at: https://www.womensenterprise.ca/business-loans/regional-relief-and-recovery-fund-for-women-entrepreneurs-bc-rrrf/
Eligible Countries:
Canada
