Canada expands Regional Relief and Recovery Fund to provide more support for southern Ontario businesses

From: Federal Economic Development Agency for Southern Ontario

October 2, 2020 – Waterloo, Ontario

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 (RRRF), which helps support those who may not be eligible for other programs. Since the Fund was launched in May, over 12,000 businesses have been assisted through the RRRF, helping them keep their employees, cover costs and play a role in our economic recovery.

Since the launch of the RRRF, FedDev Ontario has provided critical support for southern Ontario’s businesses and other organizations, saving more than 43,000 jobs in the region. This includes support for those vital to the region’s economy and hit hardest by the pandemic, from main street and rural businesses to the tourism, technology and manufacturing sectors to women-led businesses.

Support for workers and businesses across southern Ontario

With the second wave upon us, businesses across southern Ontario need more support – now. That’s why the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, today announced an additional $184 million for FedDev Ontario to help more businesses across southern Ontario through the RRRF.

The RRRF is a vital tool, supplementing the existing suite of federal relief measures to address the immediate needs of Canadians during the pandemic. This funding for FedDev Ontario is part of an additional $600 million in RRRF funding announced today for RDAs across the country. Community Futures Development Corporations (CFDCs) will provide $30 million of FedDev Ontario’s additional funding to businesses in rural communities across southern Ontario.

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