COVID-19 has had a severe impact on businesses of all sizes, and those whose livelihoods depend on them. In Yukon, businesses have faced challenges keeping their employees, paying rent and managing cash flow.
From the outset, the Government of Canada has taken action to support them, most notably through the territory-specific Northern Business Relief Fund (NBRF) and the pan-Canadian Regional Relief and Recovery Fund (RRRF). Significantly increasing the budget of CanNor and the other regional development agencies, the RRRF supports businesses unable to get access to other relief measures, while the NBRF is tailored to the unique needs of Northern businesses.
To ensure that as many Yukon businesses as possible benefit from these programs and the Yukon Government's Yukon Business Relief Program, CanNor and the territorial government have been working closely to streamline the application process. This collaborative approach ensures that more Yukon businesses are eligible for relief, and that funds quickly reach those who need them most. As the economy reopens, the federal government continues to make major investments to protect jobs and support Yukon businesses.
Jobs for Yukoners
Today, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, and Minister responsible for CanNor, announced that more than 180 businesses across Yukon have received over $7 million in support from the NBRF and RRRF. To protect local jobs, support businesses through these challenging times, and help them play a role in our economic recovery, over 180 Yukon SMEs and non-profits have received direct financial assistance of up to $100,000 from CanNor.
Supporting good jobs in communities across Yukon, these local businesses are the backbone of the Northern economy. They include SMEs from a variety of sectors: from accommodations and food services (54 SMEs), to tourism (39 SMEs), to retail (19 SMEs). With the effects of COVID-19 continuing to have an impact, CanNor is extending financial support to current eligible recipients of the NBRF program.
Quotes
"Yukon's workers and businesses have been hit hard by COVID-19, and we're here for them. With significant support through the historic Regional Relief and Recovery Fund, and the specially-tailored Northern Business Relief Fund, our message to Yukoners 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 Yukon's economy come back strong."
-The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for CanNor
"CanNor's Northern Business Relief Fund is playing a pivotal role in ensuring that some of Yukon's most vulnerable businesses, the small and medium enterprises, survive the hardships caused by the COVID 19 crisis. Thanks to these funds, they will come back stronger and contribute once more to the vibrant economy that is synonymous with Yukon."
- Larry Bagnell, Parliamentary Secretary to the Minister of Economic Development and Official Languages (Canadian Northern Economic Development Agency), and Member of Parliament for Yukon
"Collaboration between Canada and Yukon on relief for Yukon businesses has reduced red tape and allowed us to coordinate our processes to help local businesses during the pandemic. We will continue to work with our partners to listen to and support businesses, which are so vital to the strength of our communities."
-Ranj Pillai, Minister of Economic Development, Yukon
"Without the Northern Business Relief Fund, we don't know how Mount Logan Lodge & Yukon Guided Adventures would have survived. Having our fixed costs covered relieved a lot of our worries and gave us the chance to focus our energy on adjusting our business for this new COVID reality."
- Roxanne and David Mason, General Managers, Mount Logan Lodge
Quick facts
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The Northern Business Relief Fund (NBRF), delivered by CanNor, provides $15 million in funding towards direct support for ongoing operating costs incurred by territorial small- and medium-sized businesses, in order to help them continue to play their vital role in Northern communities.
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The national $962-million Regional Relief and Recovery Fund (RRRF), delivered through Canada's regional development agencies (RDAs), supports SMEs across Canada which have been unable to access existing relief measures and may be in danger of falling through the cracks.
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Funding announced today supports a broad number of businesses ranging from main street businesses such as retail shops, restaurants, and corner stores to tourism operators and construction companies.
