COVID-19: FedDev Ontario launches Regional Relief and Recovery Fund to support local economies
Wednesday, May 13, 2020
News Release: Federal Economic Development Agency for Southern Ontario
Businesses across southern Ontario unable to access existing relief measures can now apply for funding under new initiative
May 13, 2020 – Waterloo, Ontario
The COVID-19 pandemic has resulted in uncertainty and anxiety for businesses and their employees. Small- and medium-sized enterprises (SMEs) are at the heart of our economy and our communities. As a source of local employment and pride, they play a key role in the well-being of communities across the country. That 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 pay their bills.
Building on these measures, the new Regional Relief and Recovery Fund (RRRF) is being delivered by regional development agencies (RDAs) to help more businesses and organizations in sectors across the economy such as manufacturing, technology, tourism and others that are key to the regions and local economies. RDAs are best positioned to provide this additional support as they work closely with communities across the country every day and understand the diverse local realities.
Today, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, announced that southern Ontario businesses that are unable to access other existing measures can now apply for RRRF support through FedDev Ontario. As the RDA for southern Ontario, FedDev Ontario will work with key partners such as the Community Futures Development Corporations across the region to help southern Ontario businesses during these difficult times. A total of $252.4 million will be available for southern Ontario businesses.
The Government of Canada’s efforts are making a difference for many local businesses, but some are still falling through the cracks—particularly in rural and remote communities. This is where the RRRF comes in, with $962 million nationally—including $252.4 million in southern Ontario—to support businesses economically impacted by the COVID-19 pandemic that did not qualify for, or have been declined for existing measures. This is the case, for example, for SMEs in the tourism sector that have been severely impacted by COVID-19 and are, in some cases, ineligible for other federal programs.
Canada’s businesses are as diverse as Canadians are, and the immediate, concrete support available through the Fund will be tailored to their unique needs. This will allow them to be in a position to play a meaningful role in our economic recovery in the months to come.
More information on the Fund is available on the FedDev Ontario website.
"No matter how wide we extend the safety net, businesses across Canada continue to slip through the cracks. Many entrepreneurs are still anxious about whether they will get the help they need. With nearly a billion dollars in support across the country, the Regional Relief and Recovery Fund will fill in some of the gaps. Our message to Canadians is clear: we are here for you now; we will be here for you in the weeks and months to come; and we will get through this together. We’ve got your back."
- The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for Federal Economic Development Agency for Southern Ontario
“During a time of unprecedented uncertainty, our Government has worked hard to push out relief measures for families and workers across Canada. Southern Ontario’s entrepreneurs are no exception to the need for support, and the Regional Relief and Recovery Fund is here to help keep many of our businesses and main street stores operating and assist them in preparing for economic recovery.”
- Kate Young, Parliamentary Secretary to the Minister of Economic Development and Official Languages (FedDev Ontario)
“Small- and medium-sized businesses have been particularly impacted by the COVID-19 pandemic. This investment in the Regional Relief and Recovery Fund (RRRF) will capitalize on Community Futures Development Corporations’ unique position and expertise to help support rural businesses and entrepreneurs during these challenging times.”
- Shawn Heard, President, Ontario Association for Community Futures Development Corporations Inc.
•The six regional development agencies (RDAs) 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.
•Southern Ontario businesses and organizations that have applied for but were unable to access existing federal COVID-19 relief programs are encouraged to review the RRRF eligibility requirements or to contact FedDev Ontario information.
Press Secretary, Office of the Minister of Economic Development and Official
Federal Economic Development Agency for Southern Ontario