RRRF FAQs
As part of Canada’s COVID-19 Economic Response Plan, the CF-RRRF program assisted businesses and organizations across Canada to mitigate financial pressures caused by the pandemic.
On September 21, 2023, The Federal Government extended the “interest free” period of Regional Relief and Recovery Fund (RRRF) to January 18, 2024, for all eligible borrowers in good standing.
For answers to our frequently asked questions, please see below. For information specific to your RRRF loan, please contact our office at 250-746-1004 or RRRF@cfcowichan.ca.
Regional Relief Recovery Fund »
On September 21, 2023, The Federal Government extended the “interest free” period of Regional Relief and Recovery Fund (RRRF) to January 18, 2024, for all eligible borrowers in good standing. If you have not paid your loan in full by January 18, 2024, your repayment schedule begins January 19, 2024.
Payment can begin at any time without penalty.
January 18, 2024.
The Federal Government extended the “interest free” period of Regional Relief and Recovery Fund (RRRF) to January 18, 2024, for all eligible borrowers in good standing.
Contact us at 250 746 1004 or RRRF@cfcowichan.ca to discuss your payment arrangements.
There is no penalty for paying your RRRF loan before the interest free period is over on January 18, 2024.
If, on or before January 18, 2024, the borrower repays at least seventy-five (75%) percent of the loan amount and no event of default has occurred, then the remaining twenty-five (25%) percent of the loan amount will be forgiven. The borrower must advise Community Futures Cowichan of their intent to repay at least seventy-five percent (75%) of the loan amount by December 15, 2023.
If less than seventy-five (75%) percent of the loan amount is repaid on or before January 18, 2024, the loan will automatically be extended via a Community Futures Cowichan loan starting on January 19, 2024, for an additional term, maturing on December 31, 2025.
During the extended term, the borrower will make blended monthly payments comprising principal and interest (at the fixed rate of five (5%) percent per annum calculated daily, compounded, and payable monthly) based on the outstanding balance of the loan, to be paid monthly in arrears, with the first such blended payment of principal and interest being due on January 19, 2024, and the last day of each month thereafter, until December 31, 2026.
You can find the RRRF terms and conditions below:
For additional information on business services or financing, contact CF Cowichan at 250-746-1004 or via email to book an introductory meeting and discuss your needs.
