Community Futures Westman has administered interest free loans for 35 Small and Medium-Sized Enterprises (SME) in Western Manitoba totaling $1.25 million since the RRRF program launched in May. The Western Diversification funding program is intended to provide support to businesses who are ineligible for other government COVID-19 relief measures. In early December, $500,000 in additional funds have been received and applications continue to be received.
“With so many SMEs impacted by COVID-19 our staff went the extra mile to meet the demand for RRRF loans over the summer and are ready to meet the needs of new clients now that additional funds have been provided to us”, indicates Community Futures Westman Chairperson Gerald Cathcart.
“SME’s are the backbone of the region and as such their survival and success are vital to the local economy through recovery and ongoing growth and prosperity” explained Executive Director Andrew Arksey, “Support for small business through the RRRF and other CF programs is paramount as we navigate the effects of COVID-19, the role we can play in that will be vital.”
RRRF Loans of up to $40,000 have been provided to qualifying applicants at 0% (zero) interest, with no scheduled principal payments until January 2023. Principal repayments can be made at any time and 25% of the loan can be forgiven provided the recipient has paid 75% of the original loan amount prior to December 31, 2022.
The Community Futures Program has been serving rural communities for over 30 years. Each office operates as an individual non-profit corporation, with its own volunteer board of directors and its own portfolio of lending products and services. To learn more about the financing and business support services available through Community Futures Westman please contact:
Community Futures Westman