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Loans of up to $40K available to small and medium-sized businesses through Community Futures

Partially forgivable loans for rural and Northern Manitoba businesses affected by the COVID-19 pandemic and associated public health measures are now available through Community Futures.
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Partially forgivable loans for rural and Northern Manitoba businesses affected by the COVID-19 pandemic and associated public health measures are now available through Community Futures.

Part of the federal government’s Regional Relief and Recovery Fund (RRRF), the loans for small and medium-sized businesses can be as much as $40,000 with no interest or principal payments due until the 2023. The loans must be paid back by the end of 2025 and there is no penalty for early payment. If 75 per cent of the loan is repaid by Dec. 31, 2022, the other 25 per cent is forgiven.

The loans are part of $95.7 million in relief to be delivered to rural and remote small businesses in Western Canada for pandemic impacts and costs not covered by other COVID-19 support programs such as the Canada Emergency Business account.

“COVID-19 has severely impacted businesses and communities in the north,” said Community Future North Central Development (CFNCD) board chair Marcel Moody in a press release. “Businesses in the north central region need support now more than ever, and CFNCD is pleased to offer it through the government of Canada’s RRRF program.”

To apply for Community Futures RRRF loans, go to https://cfmanitoba.ca/rrrf-search.

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