November 12, 2020 - Winnipeg, Manitoba - Western Economic Diversification Canada
From the outset, the Government of Canada has taken action to support businesses affected by the COVID-19 pandemic, and to protect their contributions to the Canadian economy. One measure of support is the $1.5 billion Regional Relief and Recovery Fund (RRRF), delivered by Canada's Regional Development Agencies and intended for small and medium-sized enterprises that have been unable to access other federal relief measures, putting jobs and livelihoods at risk.
The pandemic has created new barriers and challenges for Manitoba businesses. The recent rise in COVID-19 cases has added to these challenges. Traditional supports, such as industry associations and Chambers of Commerce, have been working hard to address these challenges. This front-line network of local non-profit organizations offers solutions for local businesses and is important to the health of our economy.
Support for local businesses
Today, Terry Duguid, Parliamentary Secretary to the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, and Minister responsible for Western Economic Diversification Canada (WD), announced over $2.8 million for a robust series of initiatives led by Manitoba's non-profit business support network. This RRRF funding for 23 organizations will ultimately support enterprises in all stages of the business lifecycle, from nurturing start-ups to the ongoing development of mature firms. Many of the programs being funded are already under way, bringing immediate support for local companies, and making a difference for families and communities across the West.
As a result of this funding, over 5,600 employees in Manitoba businesses will benefit from the initiatives being delivered. RRRF will help industry sectors retain the knowledge and skills of valuable employees, and maintain the capital flows and supply chains needed to mitigate the economic impacts of the pandemic. This contributes to the Government's campaign to create one million jobs, restoring employment to previous levels.
For example, the Winnipeg and Manitoba Chambers of Commerce will provide critical business survival information to Manitoba businesses to assist them in mitigating the effects of COVID-19. The organizations will provide information and services that include business continuity planning, workplace preparedness, and information on safety requirements, leading to improved resiliency, productivity, and competitiveness of SMEs in a COVID-19 environment.
This RRRF funding complements the multi-faceted approach offered by WD to address the economic impacts of COVID-19. This approach includes the Women Entrepreneurship Strategy (WES) Ecosystem Fund and the Regional Innovation Ecosystems (RIE) program, among others.
Quotes
"Western Canada is home to iconic industries that in many ways define Canada and how we are known around the world. In turn, they are supported by local businesses that require help from the organizations that we are also assisting through the crisis. Our government committed to create one million jobs, and our message to small business is clear: we're working with you to support good, local jobs and help Western Canada's economy come back strong."
- The Honourable Mélanie Joly, Minister of Economic Development and Official Languages, and Minister responsible for Western Economic Diversification Canada
"Western Canada is home to iconic industries that in many ways define Canada and how we are known around the world. We're working with you to support good, local jobs and help Western Canada's economy come back strong." Hon. Mélany Joly
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"One of the things I love best about serving Manitobans as an MP is working closely with so many great community organizations, including those that support our local businesses. Through this pandemic, I have seen them struggle to help local entrepreneurs stay afloat. Today's announcement is critical funding - a lifeline for local businesses and employees who rely on these community-based non-profit organizations."
- 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)
"Today's announcement is critical funding - a lifeline for local businesses and employees who rely on these community-based non-profit organizations." PS Duguid.
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Quick facts
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The Regional Relief and Recovery Fund (RRRF) was established to mitigate financial pressure experienced by businesses due to the COVID-19 pandemic and assist them to continue their operations and keep paying their employees.
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In the West, over $567 million in RRRF support is flowing through Western Economic Diversification Canada (WD).
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Through RRRF, WD is providing repayable interest-free contributions to eligible western firms seeking up to $40,000.
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Through RRRF, WD is also providing up to $1,000,000 in interest-free funding to cope with financial hardship resulting from COVID-19.
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Many business support organizations have been vital resources for local businesses to first, adapt to lockdown regulations, and then, to be ready as the economy began to open up. Through RRRF, WD is funding programs to help companies adapt to COVID-related requirements and new ways of doing business.
