Market Overview

Government of Canada expands Regional Relief and Recovery Fund to support more Western businesses

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Minister Joly announces that additional funding for small and medium-sized businesses now available

EDMONTON, AB, Oct. 2, 2020 /CNW/ - 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.

Quotes

"Small and medium-sized businesses have been hit hard by COVID-19, and the Regional Relief and Recovery Fund is here to help them, protecting over 20,000 jobs across Western Canada. As the situation rapidly evolves, we've heard clearly from businesses and workers that more support is needed. That's why we're enhancing and expanding the RRRF to help even more Westerners. Our message to them is clear: we've been here for you with significant measures, we're here for you now and we'll get through this, together. We're working with you to support good, local jobs and help our economy come back strong."
-       The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for Western Economic Diversification Canada

"Most of the people who run small businesses will remember 2020 as one of their toughest years ever. As we look to safely restart our economy, we will be there for Western Canadians and businesses by making adjustments to the supports and measures we have put in place. We are in this together."
-       Terry Duguid, MP for Winnipeg South, Parliamentary Secretary to the Minister of Economic Development and Official Languages (Western Economic Diversification Canada) and to the Minister of Environment and Climate Change (Canada Water Agency)

Quick Facts

  • Delivered by the six Regional Development Agencies (RDAs), RRRF addresses needs for entrepreneurs not met by other federal relief measures, and complements those already provided by other levels of government.
  • In the West, Western Economic Diversification Canada was originally allocated a total of $304.2 million through the RRRF. Today's announcement brings the total RRRF funding for Western businesses and organizations to $567.9 million.

Associated links

Stay Connected

Follow the department on Twitter: @WD_Canada
WD Homepage
WD Toll-Free Number1-888-338-WEST (9378)
TTY (telecommunications device for the hearing impaired): 
1-877-303-3388

SOURCE Western Economic Diversification Canada

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2020/02/c0091.html

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