More than 1,760 businesses across the West receive targeted assistance to address the impact of COVID-19
VANCOUVER, BC, July 28, 2020 /CNW/ - COVID-19 has had a severe impact on businesses of all sizes across the country, and those whose livelihoods depend on them In Western Canada, thousands of local businesses saw their revenues disappear due to the pandemic, and have faced challenges keeping their employees, paying rent and utilities, and managing cash flow.
From the outset, the Government of Canada has taken action to support businesses large and small affected by the pandemic, including the Regional Relief and Recovery Fund (RRRF) that was launched on May 13. Nearly doubling the budget of Canada's Regional Development Agencies, this $962-million fund, supports businesses across Canada that have been unable to get access to other federal relief measures, and might be in danger of falling through the cracks
In the West, Western Economic Diversification Canada (WD) is delivering, in collaboration with the Community Features Pan West Network, over $300 million to help businesses pay their rent, keep their employees, and recover from the impact of the pandemic.
Support for main street businesses and SMEs
Today, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, and Minister responsible for Western Economic Diversification Canada, announced that businesses across Western Canada have received over $95 million in support from the RRRF. These interest-free repayable contributions are now flowing to more than 1,760 businesses across the West that were unable to get access to existing Government of Canada relief measures.
Most of the firms supported are small businesses with fewer than 100 employees, including many very small businesses with fewer than five employees. One such firm is Burnaby, BC's Acuva Technologies, which has been able to keep staff and adapt to the changing demand for its water disinfection technology thanks to the RRRF. Having himself recovered from COVID-19, CEO Manoj Singh also used RRRF funding to research new products for air and surface disinfection, using Acuva's UV-LED technology to defend against viruses like the coronavirus.
Supporting good local jobs in communities across Western Canada, these local businesses are the backbone of our economy, and the RRRF will continue to assist them. WD is also providing targeted support to larger employers to help them retain their employees, pay rent, and get access to capital to cover costs.
Quotes
"Businesses in Western Canada have felt the impact of COVID-19 first-hand. This is why we are working with entrepreneurs to rebuild our economy and help get Canadians back to work. With this money coming their way we are protecting over 6,800 jobs from Winnipeg to Victoria. Our government will always be there to support Canadians, stabilize the economy, and help businesses and grow. Our message is clear: we've been here for you with immediate measures, we're here for you now as our economy reopens and we'll get through this, together. We're working with you to support good, local jobs and help Western Canada's economy come back strong."
- The Honourable Mélanie Joly, MP for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages, and Minister responsible for Western Economic Diversification Canada
"Small businesses throughout the West are in acute need, and their recovery is critical to Western Canada's recovery. The Government of Canada recognizes that, and has listened closely about how we can best support western entrepreneurs. Today's announcement is a reflection of our commitment to ensure the small business community has the resources needed to recover and flourish through this pandemic."
- Terry Duguid, 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)
"It is reassuring to see the Government of Canada providing such amazing support to businesses, including ours. The funding helped Acuva to not only maintain operations but also to expand them, including the opening of our very first international office in Germany. This assistance will help us scale up the export of a true Canadian technology to the European market and provide better support to our global customers."
- Manoj Singh, President and CEO of Acuva Technologies Inc.
Quick facts
- The Regional Relief and Recovery Fund was established to mitigate the financial pressure experienced by businesses to allow them to continue their operations. Through its two RRRF funding streams, WD is providing repayable interest-free contributions to eligible western firms seeking up to $40,000, as well as funding of up to $1,000,000 in support to cope with financial hardship resulting from COVID-19.
- Funding announced today supports a broad number of businesses ranging from main street businesses such as retail shops, restaurants, and corner stores to larger businesses that employ more than 100 employees.
Related product
Associated links
- Western Economic Diversification Canada
- Regional Relief and Recovery Fund
- Canada's COVID-19 Economic Response Plan
Backgrounder: Relief and recovery funds flowing to western businesses
July 28, 2020 – Vancouver, BC – Western Economic Diversification Canada
Today, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, and Minister responsible for Western Economic Diversification Canada (WD), announced over $95,136,762 in support to help over 1,767 businesses that were unable to access existing Government of Canada COVID-19 relief measures. This is the first funding from WD to flow from the Regional Relief and Recovery Fund.
$55.3 million for main street businesses and SMEs
The Regional Relief and Recovery Fund was established to mitigate the financial pressure experienced by businesses to allow them to continue their operations. The projects announced today include Stream 1 funding of up to $40,000 for 1,672 projects to support a wide-range of businesses across Western Canada:
Province |
Projects supported |
Total funding amount |
British Columbia |
599 |
$19,959,551 |
Alberta |
921 |
$30,484,242 |
Saskatchewan |
92 |
$3,013,284 |
Manitoba |
60 |
$1,866,653 |
Grand total |
1672 |
$55,343,730 |
RRRF support includes $39.8 million for broader business sector
WD is targeting support to help businesses retain diverse and valuable talent; maintain sector knowledge and skills; maintain capital flow; maintain critical supply chains and increase capacity to withstand supply chain disruptions; protect technologies and processes that improve resilience, productivity, and/or competitiveness; and protect vital intellectual property. The Stream 2 funding announced today includes 95 such projects designed to support western Canada's business ecosystems:
Province |
Projects supported |
Total funding amount |
British Columbia |
14 |
$7,237,997 |
Alberta |
45 |
$17,865,708 |
Saskatchewan |
22 |
$9,364,514 |
Manitoba |
14 |
$5,324,813 |
Grand total |
95 |
$39,793,032 |
Supporting businesses of all sizes
Businesses, large or small, are the backbone of the Canadian economy, and their recovery is critical to Western Canada's success. WD is providing $50.3 million to support very small businesses (those with 4 and under employees), $41.6 million to support small businesses (5-99 employees), and $3.1 million to support medium businesses. Through these investments, 6829 jobs are protected.
Province / # of employees |
Firms |
Jobs protected |
British Columbia |
||
4 and under |
525 |
692 |
5 to 99 |
87 |
1378 |
100+ |
1 |
225 |
Alberta |
||
4 and under |
838 |
1163 |
5 to 99 |
125 |
1784 |
100+ |
3 |
464 |
Saskatchewan |
||
4 and under |
75 |
157 |
5 to 99 |
37 |
563 |
100+ |
2 |
49 |
Manitoba |
||
4 and under |
52 |
84 |
5 to 99 |
21 |
261 |
100+ |
1 |
9 |
Total |
||
4 and under |
1490 |
2096 |
5 to 99 |
270 |
3986 |
100+ |
7 |
747 |
Grand total |
1767 |
6829 |
Stay Connected
Follow the department on Twitter: @WD_Canada
WD Homepage
WD Toll-Free Number: 1-888-338-WEST (9378)
TTY (telecommunications device for the hearing impaired): 1-877-303-3388
SOURCE Western Economic Diversification Canada
Alexander Cohen, Press Secretary, Office of the Minister of Economic Development and Official Languages, [email protected]; Western Economic Diversification Canada, Media Relations, [email protected]
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