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CFDC support 41 businesses with COVID relief funds

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By Nick Seebruch
CFDC support 41 businesses with COVID relief funds

CORNWALL, Ontario – The Cornwall & The Counties Community Futures Development Corporation (CFDC) has supported local businesses through the COVID-19 pandemic with over $1 million in relief and emergency funding.

Starting in March, the CFDC launched the COVID-19 Emergency Loan Program. Through that program, businesses that were suffering during the pandemic were able to apply for micro-loans between $2,500 and $20,000 with some being eligible for as much as $50,000 in some cases.

“The unprecedented demand that we are witnessing is further evidence that our community needs more support,” said CFDC Executive Director Lesley Thompson at the time. “At the current rate, we will process as many loans as we do in an entire year in just about two weeks, to this end the entire CFDC Team and Board are all really stepping up to the plate. Unfortunately, our funds are limited; we will continue to encourage the use of the Cornwall & The Counties CFDC’s to deliver much needed injection of cash to hold small businesses over through these incredibly challenging times.”

More than 28 businesses and $684,000 were given out to local businesses through that program alone.

The CFDC also administered FedDev Ontario’s Regional Relief and Recovery Fund.

As of late May, 12 businesses had been approved to receive support through that fund for a total of $352,808, with another 11 businesses still in the application process.

Applications for the Regional Relief and Recovery Fund are still being accepted and details of the application process can be found on the CFDC website here: https://mycommunityfutures.ca/funding/regional-relief-recovery-fund/

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Jenni MacDonald, Dominion Lending, Cornwall, Ontario