Regional Relief and Recovery Fund (RRRF) — funding requests up to $1,000,000

Applications are no longer being accepted. There have been no changes to the repayment terms.

To ensure that small businesses have access to the capital they need to see them through the current challenges resulting from COVID-19, Pacific Economic Development Canada (PacifiCan) provides eligible businesses with interest-free repayable funding of up to $1,000,000 under the Regional Relief and Recovery Fund (RRRF).

In support of the Fall Economic Statement, the RRRF has expanded parameters in British Columbia.

Key new features for RRRF liquidity support:

What features have not changed:

 

Help

Who can apply for RRRF

The Regional Relief and Recovery Fund was open to any business that operates in Western Canada.

Businesses must meet the following mandatory criteria:

  • have less than 500 full-time employees (FTEs)
  • operate in Canada
  • were operational as of March 1, 2020
  • are located in Western Canada (defined as British Columbia, Alberta, Saskatchewan or Manitoba)
  • have suffered financially because of the COVID-19 pandemic
  • can demonstrate 2019 revenue, or be pre-revenue businesses that received angel or venture capital funding
  • intend to continue operations in Western Canada
  • can describe the financial impact that COVID-19 has had on its operations, and outline how PacifiCan funding will help support the western Canadian economy to:
    • retain diverse and valuable talent
    • maintain sector knowledge and skills
    • maintain capital flow
    • maintain critical supply chains and increase capacity to withstand supply chain disruptions
    • protect technologies and processes that improve resilience, productivity, and/or competitiveness
    • Protect vital intellectual property
  • must have previously applied for funding from all other federal COVID-19 support measures for which they are eligible, such as the Business Development Bank of Canada’s Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee, Co-Lending Program, Working Capital Loan, Oil and Gas Sector Capital Loan, and Export Development Canada’s Business Credit Availability Program

RRRF continues to be a backstop for other federal COVID-19 relief measures. Businesses that have successfully applied for, and received support from, any of the federal COVID-19 support measures, but still require additional funding to mitigate liquidity pressures, were able apply for the RRRF.

Sole proprietorships and not-for-profits are not eligible for the RRRF.

When to apply

The last day to submit a RRRF application was June 30, 2021, no later than 11:59 pm Mountain Time. Applications are assessed as they are received.

You will be notified by email with a decision on your application.

Funding is subject to availability.

How to apply

Businesses interested in applying to the RRRF must submit the following:

  • completed application for relief funding (please note that this smart application form customizes the eligibility criteria based on the answers you provide)
  • financial statements for the past 2 years
  • estimated 2020 cash flow needs for the 12-month period between October 1, 2020, to September 30, 2021

Note that as of February 5, 2021, RRRF allows for a period of up to 12 consecutive months in eligible operating costs (which is an increase from the 6 months from April 1, 2020 to September 30, 2020 offered earlier under the program). If you have previously applied, but have yet to be contacted by PacifiCan, you may reapply under the new provision or contact a regional office to adjust your application.

Refer to the application guide for instructions on how to complete the form. Applications cannot be started and saved, so must be completed in 1 session. Incomplete applications were not assessed and were considered ineligible for funding.

Businesses are limited to 1 successful application for RRRF.

Under the RRRF, your funding request may be scaled to your operating deficit, but may not be more than $1 million for revenue-generating firms. For pre-revenue firms that have received angel or venture capital funding, requests have been scaled to your annual operating costs to maintain operations for 12 months up to a maximum of $500,000, less other approved federal COVID supports.

As an example for revenue-generating firms: $2,500,000 (total estimated operation costs) minus $2,200,000 (total estimated revenue) equals $300,000 (estimated operating deficit) less $10,000 (other approved federal COVID-19 supports). In this example, the application for RRRF funding could not exceed $290,000.

Assessment approach

All applications undergo an assessment of their expected impacts on the British Columbian economy as outlined in the mandatory criteria. This assessment considers:

  • the number and quality of jobs maintained relative to the funding amount requested
  • the financial viability of the business and ability to repay
  • the relative importance of your business’ impact on your community and/or your sector of the British Columbian economy
  • the ability to maintain or increase capacity in critical supply chains
  • the production of innovative goods, services or technologies
  • the ability to maintain a distinct competitive advantage in targeted markets such as factors that allow your business to produce goods or services better or more cost-effectively

Please note: Demand for funding is far greater than we can supply. Your application is assessed against the above criteria and only those with the highest evaluations receive funding. Our objective is to support the strongest alignment to the criteria and assessment elements.

Repayment terms

The following repayment terms apply:

  • 100% of contribution must be repaid.
  • No scheduled monthly repayments are required until after December 31, 2022.
  • The 3-year repayment period begins January 31, 2023.
  • The full balance of the contribution amount must be repaid no later than December 31, 2025.

Disbursement of the contribution

If an application for funding is approved, you will be asked to review and accept a contribution agreement with PacifiCan, before funds are disbursed (may include advanced payments).

Reporting requirements

Recipients will be required to attest that the full amount of the contribution was expended for fixed operating costs, such as rent, wages and salaries, utilities, insurance, debt expenses, professional fees, and property and business taxes.

Recipients will also be required to disclose all funding received from any level of government for these same fixed operating costs.

Businesses will be required to submit a final report that includes:

  • number of jobs maintained, as a result of RRRF funding
  • confirmation that the business is continuing its operations
  • other metrics as may be requested by PacifiCan

PacifiCan will request a copy of the recipient’s financial statements.

Other

PacifiCan reserves the right to modify these guidelines at any time without notice and may waive certain requirements on an exceptional basis.

More information and questions

For additional RRRF information, contact PacifiCan.

Page details

Date modified: