Community Futures offers loans to businesses in the Peterborough area affected by the May 21 storm

Downed power lines following storm derecho on May 21, 2022. (Photo: Hydro One)

Community Futures Peterborough is offering interest-free loans to businesses in the City of Peterborough and County of Peterborough that suffered loss or damage as a result of the May 21 derecho storm.

Supported by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), the Regional Emergency Relief Fund (RRIF) is available to businesses in regions that have declared a state of emergency at the aftermath of the storm. In the Peterborough area, this includes the City of Peterborough and the townships of Douro-Dummer, Cavan Monaghan and North Kawartha.

Eligible applicants will receive interest-free loans of up to $50,000 with terms of 18 months (or less). Businesses will be required to demonstrate loss or damage resulting from power outages, road closures or road access restrictions (such as downed trees or downed power lines), property damage and business closures .

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Examples of qualifying expenses include the purchase or rental of generators to maintain certain operations, the purchase or rental of appropriate equipment to remove debris, the cost of roof repairs or other physical damage to the business , the cost of labor to remove debris and repair damage, the cost of replacing lost inventory, the cost of replacing damaged equipment, and the cost of business closures.

Financial support is also available for businesses in areas that have not declared a state of emergency.

To inquire about RERF and other financial supports, contact Community Futures Peterborough at 705-745-5434 or [email protected]

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