Government of Canada will support more small businesses and communities with targeted assistance delivered by regional development agencies
The COVID-19 pandemic has resulted in uncertainty and anxiety for small businesses and their employees in all regions of Canada. These businesses are at the heart of communities nationwide and are a source of local jobs and local pride.
Small businesses are the backbone of our economy, which is why the Government of Canada has implemented a series of concrete and tangible measures to help them retain their employees, pay rent and access capital to cover costs. Building on these measures, the new Regional Relief and Recovery Fund (RRRF) 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.
- $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)
- The six regional development agencies (RDA) ensure that Canada’s regions are heard in Ottawa and that local economies and businesses get the support they need to grow and prosper.
- Canada’s RDAs focus on developing and diversifying regional economies to help communities thrive. Already a major presence in communities, they know where additional support is needed most.
- This special initiative delivered through the RDAs is part of Canada’s COVID‑19 Economic Response Plan, which is providing up to $149 billion in direct support to Canadian workers and businesses.
- CanNor’s portion of the RRRF will build on the supports provided by the agency’s Northern Business Relief Fund(NBRF) to fill further needs for immediate relief for SMEs and to ensure the stability of businesses in sectors that are vital to the recovery of the Northern economy.