Government of Canada expands Regional Relief and Recovery Fund to support more Western businesses
British Columbia, Business grants and financing, Financial assistance, Hon. Mélanie Joly, Prairies, Western Economic Diversification Canada, general public, media, news releases
Minister Joly announces that additional funding for small and medium-sized businesses now available
Edmonton, Alberta, October 2, 2020 – Western Economic Diversification Canada
Canada’s COVID-19 Economic Response Plan has helped to protect millions of jobs, provide emergency support to families and keep businesses afloat as they deal with the impact of COVID-19. A central part of this is the Regional Relief and Recovery Fund, which helps support those who may not be eligible for other programs. Since the RRRF was launched in May, over 20,000 jobs have been protected across the West, helping more than 5,000 businesses keep their employees, cover costs and play a role in our economic recovery.
With the public health situation continuing to evolve, businesses in the West need more support – now. That’s why the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, today announced an additional $263.7 million for Western Economic Diversification Canada (WD) to help businesses across the West through the RRRF. This flows from $600 million in new national RRRF funding announced by the Prime Minister today. Of these additional funds, $67 million will be used by Community Futures (CF) organizations to support businesses in rural communities across the West.
Funding to support regional economies across Western Canada
Across Western Canada, demand for RRRF support has been high since the program began in May. RRRF assistance has been vital lifeline for thousands of businesses, stabilizing firms that might otherwise not have survived, preserving intellectual property & skilled staff, maintaining critical supply chains and protecting valuable technologies.
WD is taking a demand-driven approach to ensure that RRRF funding goes where it is needed most, serving businesses in greatest need to protect local jobs and sustain vibrant communities. Businesses in Western Canada that have applied for, but were unable to get access to, sufficient relief from other federal COVID-19 programs, are encouraged to review RRRF eligibility requirements or to contact WD for more information. For those that have already applied for RRRF support, no further action is required as WD continues to process previous applications.