ACOA to deliver an additional $60 million through RRRF to help small- and medium-sized businesses across the region
October 2, 2020 · Moncton, New Brunswick · Atlantic Canada Opportunties Agency (ACOA)
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. A lifeline for businesses that might otherwise not have survived, the RRRF has been vital in helping them keep their employees, pay bills and get access to capital.
Since launching the RRRF in May, more than 9,000 jobs have been protected across Atlantic Canada at over 1,300 small- and medium-sized businessess (SMEs). However, many SMEs are still struggling as entrepreneurs try to position their firms for recovery while the economy safely reopens.
Funding to support regional economies across Atlantic Canada
With the public health situation continuing to evolve, businesses across Atlantic Canada need more support – now. That’s why the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, today announced an additional $60.2 million for the Atlantic Canada Opportunities Agency (ACOA) to help businesses in Atlantic Canada through the RRRF. This flows from the $600 million in top-up funds for the RRRF announced by the Prime Minister today.
ACOA will deliver $42.2 million of the top-up funds to Atlantic Canadian SMEs that still need extra cash flow to deal with the ongoing economic impacts of COVID-19. The remaining $18 million will be delivered by the network of 41 Community Business Development Corporations (CBDCs) for businesses and retailers in small, rural and remote communities throughout Atlantic Canada.
Eligible businesses and organizations in Atlantic Canada that require additional help to recover from the pandemic are encouraged to apply for the RRRF through ACOA or their local CBDC.