Nearly $1 billion to help businesses affected by pandemic
Shady Salah – Media in Toronto
The federal government has committed $962 million in new capital to Regional Development Agencies (RDAs) and the Community Futures Network. The program, called the Regional Relief and Recovery Fund (RRRF), was originally announced mid-April, though few details were shared on how the funding would be doled out to the six RDAs across Canada.
The program is meant to support regional and rural businesses that may not have existing relationships with financial institutions, or don’t qualify for other federal relief programs. The RRRF is meant to help these businesses and organizations continue operations as well as pay their employees. It is also available for projects by businesses, organizations, and communities to help prepare for a successful recovery. The fund is open to businesses in sectors that include manufacturing, technology, tourism, and others that are key to the regions and local economies.”
The Honourable Mélanie Joly, Minister of Economic Development and Official Languages, today announced that 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.