RRRF Loan FAQs
Regional Relief and Recovery Fund (RRRF) Q&A
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 January 12, 2022, The Federal Government extended the “interest free” period of Regional Relief and Recovery Fund (RRRF) to December 31, 2023 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
On January 12, 2022, The Federal Government extended the “interest free” period of Regional Relief and Recovery Fund (RRRF) to December 31, 2023 for all eligible borrowers in good standing. If you have not paid your loan in full by December 31, 2023, your repayment schedule begins January 2024.
Payment can begin at anytime without penalty.
December 31, 2023
The Federal Government extended the “interest free” period of Regional Relief and Recovery Fund (RRRF) to December 31, 2023 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 December 31, 2023.
If, on or before December 31, 2023, 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 September 15, 2023.
If less than seventy-five (75%) percent of the loan amount is repaid on or before December 31, 2023, the loan will automatically be extended via a Community Futures Cowichan loan starting on January 1, 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 31, 2024, and the last day of each month thereafter, until December 31, 2025.
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.
