Community Futures offering loans for Peterborough-area businesses affected by May 21 storm

Interest-free loans up to $50,000 available for eligible businesses from Regional Emergency Relief Fund

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

Community Futures Peterborough is offering interest-free loans for businesses in the City of Peterborough and Peterborough County that experienced losses or damages from the May 21 derecho storm.

Supported by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), the Regional Emergency Relief Fund (RERF) is available for businesses in areas that declared a state of emergency following the storm. In the Peterborough region, that includes the City of Peterborough and the Townships of Douro-Dummer, Cavan Monaghan, and North Kawartha.

Eligible applicants will receive interest-free loans up to $50,000 with 18-month terms (or less). Businesses will be required to demonstrate loss or damages as a result of power outages, road closures or road access limitations (such as downed trees or downed hydro lines), damage to physical property, and business closures.

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Examples of eligible expenses include the purchase or rental of generators to maintain certain operations, the purchase or rental of suitable equipment to remove debris, the cost of repairs to roofs or other physical damages to the business, the cost of labour to remove debris and repair damages, the cost to replace lost inventory, costs related to replacement of damaged equipment, and costs related to business closures.

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

To inquire about RERF and other financial support, contact Community Futures Peterborough at 705-745-5434 or info@cfpeterborough.ca.