Dear Industry Members,
TIAC is pleased to share information concerning a new funding program that will be delivered through Canada’s six Canada’s Regional Development Agencies (RDAs) who are now accepting applications under the
Regional Relief and Recovery Fund (RRRF)
. TIAC has long been advocating for financial support for those small, seasonal, rural and other SMEs who have not been able to access existing government support measures.
On April 17, 2020, Prime Minister Justin Trudeau
announced new, targeted measures
to protect jobs and provide more support to businesses and communities impacted by COVID-19. During the webinar co-hosted by Destination Canada and TIAC on May 12, the Honourable Minister Melanie Joly told participants that this program was imminent. As part of these measures, the national $1 billion RRRF provides funding to small- and medium-sized enterprises (SMEs) that are unable to access the government’s existing support measures,
including Destination Marketing Organizations (DMOs),
and access to capital for rural businesses and communities.
This new Fund, officially launched today (May 13, 2020), is being delivered by Regional Development Agencies (RDA) across the country to help organizations continue their operations and position themselves for a successful recovery.
Funding amounts vary by RDA, and fall under two categories.
- $675 million to support regional economies, businesses, organizations and communities in regions all across Canada;
- $287 million to support the national network of Community Futures Development Corporations, which will specifically target small businesses and rural communities across the country.
Applications are now being accepted under two streams:
1.
Regional Economy
: This stream supports SMEs that do not qualify for, or have been declined for, current Government of Canada COVID-19 relief measures.
- FedDev Southern Ontario: Please visit the FedDev Ontario website for more information or to apply under this stream.
- Atlantic Canada Opportunities Agency (ACOA): Please visit the RRRF information page.
- Canada Economic Development for Quebec Regions: Please visit the RRRF information page.
- Western Diversification: Details are not yet posted, but will be available here later today.
- CanNor: RRRF funding is being distributed three different ways in CanNor areas. Please find more information here.
2.
Community Futures
: This stream supports businesses in rural and smaller communities through additional funding for the existing Community Futures Program (CFP).
In order to provide targeted assistance to the small towns and communities they serve, CFDCs, who will deliver this stream of funding, will
focus on assisting “main street” businesses, such as retail shops, restaurants and corner stores, etc., and businesses of strategic importance to their communities, with loans up to $40,000.
Please apply directly through
your local CFDC
for funding through this stream.
This is welcome news to provide much-needed support for tourism small businesses that have not been able to access other support streams. As such, we urge you to apply today and ensure your application is filled out fully to avoid any processing delays. TIAC has worked closely with the Minister and her officials in addressing gaps with existing programs. We wish to thank Minister Joly for her support on obtaining this urgently needed assistance.
