The Sarnia-Lambton Business Development Corporation (“SLBDC”) is pleased to advise that, in light of the current uncertainty in the economic climate, it will assist in facilitating the sustainability of Lambton County based businesses through the crisis by providing financial support through a NEW round of the Regional Relief and Recovery Fund (RRRF) in collaboration with the Federal Development Agency for Southern Ontario.
The Regional Relief and Recovery Fund (RRRF) offers financial support for businesses in Lambton County that are unable to access federal and provincial relief funding programs, or are unable to obtain a loan/credit from traditional financial institutions.
Eligible businesses interested in a Regional Relief and Recovery Fund loan will be expected to provide the SLBDC with a completed application and supporting documents. Maximum assistance under the program will be $40,000 to be used for operational costs, staff related costs, and costs related to the return to operations for those businesses which have been closed.
Loans will be provided at 0% (zero) interest, with no scheduled principal payments until March 31, 2023. Principal repayments can be made at any time and 25% (not to exceed $10,000) of the loan can be forgiven provided the recipient has paid 75% of the original loan amount prior to December 31, 2022. If the recipient is unable to repay the loan by March 31, 2023, the loan will be converted to a term loan with interest rates up to 5%, effective April 01, 2023. The full balance must be repaid by no later than December 31, 2025.