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Funding for Women-Owed or Women-Led Businesses


The RRRF is split into four streams to help support businesses that have been impacted by COVID-19


The four loan stream:

  1. rural businesses

  2. women-owned or -led businesses

  3. all other small- and medium-sized businesses

  4. funding over $40,000


Purpose of the RRRF

This initiative was implemented to provide financial support for small businesses unable to access larger federal relief funding programs or unable to obtain a loan from traditional financial institutions.


Parameters of the RRRF

Maximum amount of $40,00


0% interest and no principal payments until December 31, 2022

  • Voluntary principal repayments can be made at any time


25% (not to exceed $10,000) can be forgiven, if the applicant has paid 75% of the original loan amount prior to December 31, 2022


If the applicant is unable to repay the loan 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 by December 31, 2025


RRRF's Women's Enterprise Initiative Stream

The RRRF provides direct financial support to small- and medium-sized women-owned or -led businesses


Women's Enterprise Initiative (WEI) organizations across Western Canada can provide loans of up to $40,000


Eligibility:

  • small- and medium-sized women-owned or -led businesses

  • sole proprietors and "main street" businesses (i.e., retail shops, restaurants, corner stores, etc.)

  • business must be:

- established prior to March 1, 2020

- impacted adversely due to COVID-19

- viable and not experiencing financial pressures prior to March 1, 2020

- ineligible and/or not receiving other federal relief support for the same

expenditures


Eligible costs

Loans are to cover only fixed costs:

  • property taxes

  • utilities

  • cleaning supplies and additional safety measures

  • bank interest/charges

  • office supplies and vehicle operating expenses

  • lease payments for existing equipment and machinery

  • professional fees

  • insurances


Rent, salaries, and benefits will only be considered if the applicant is ineligible, rejected, and/or not already receiving assistance for these costs from other governmental funding


Apply now through the Women's Enterprise Centre (BC applicants)


Additional information

Government of Canada: https://www.wd-deo.gc.ca/eng/20077.asp