Northern Ontario businesses struggling with the COVID-19 pandemic will receive $49.5 million in funding, the federal government announced Wednesday.
A new one-time relief fund is called Regional Relief and Recovery Fund (RRRF) and aims to help small- and medium-sized businesses and organizations affected by the pandemic in sectors like manufacturing, technology and tourism.
In total, $962 million will be shared between six regional development agencies across the country.
In Northern Ontario, businesses and organizations can apply through the Federal Economic Development Initiative for Northern Ontario (FedNor).
The money will be allocated through two funding streams.
Under the community futures stream, FedNor will be partnering with 24 Community Futures Development Corporations across the region to deliver $25.5 million to small businesses and entrepreneurs in rural areas.
Under the regional economy stream, FedNor will provide $24 million to businesses such as incorporated companies, corporations or co-operatives, non-profit entities or Indigenous/First Nation/ Métis Settlement-owned organizations.
“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," said Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor, in a news release.
Northern Ontario businesses that have been unable to receive existing federal funding are invited to review their eligibility or contact FedNor for more information.
