Additional support fund available to businesses and communities affected by pandemic
May 13, 2020 By Ground Water Canada
Ottawa – The Canadian government will support more small businesses and communities with targeted assistance delivered by regional development agencies.
The new Regional Relief and Recovery Fund devotes nearly $962 million to help more businesses and organizations in sectors such as manufacturing, technology, tourism and others that are key to the regions and to local economies, according to a news releasee from Innovation, Science and Economic Development Canada.
The RRRF is now accepting applications from businesses and communities. It is specifically targeted toward those that may require additional help to recover from the COVID-19 pandemic but have been unable to access existing support measures. Canada’s businesses are as diverse as Canadians are, and the fund’s immediate, concrete help will be tailored to their unique needs. Most importantly, it will relieve pressures, helping them pay employees and cover costs.
Six regional development agencies will deliver this funding, which will be allocated as follows:
- $110 million for Atlantic Canada – Atlantic Canada Opportunities Agency (ACOA)
- $211 million for Quebec – Canada Economic Development for Quebec Regions (CED)
- $34.3 million for Northern Canada – Canadian Northern Economic Development Agency (CanNor)
- $252.4 million for Southern Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
- $49.5 million for Northern Ontario – Federal Economic Development Initiative for Northern Ontario (FedNor)
- $304.2 million for Western Canada – Western Economic Diversification Canada (WD)
Businesses interested in receiving support through this initiative are now invited to apply for the RRRF through their local regional development agency.
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