“Businesses and workers across Atlantic Canada have been hit hard by COVID-19, and we’re here for them with major support from programs like the RRRF, so no one falls through the cracks. The funding is making a real difference for hundreds of Atlantic businesses, and protecting thousands of jobs from St John’s to Fredericton. 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 Atlantic Canada’s economy come back strong.”
– The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for ACOA
“What became clear early on in the COVID-19 lockdown was that Main Street businesses – the engines of downtowns across Atlantic Canada – would need targeted support to keep them afloat as the economy slowed. I’m pleased that these organizations, through ACOA, were able to provide regional recovery and relief support to these businesses to help them recover as the economy moves forward.”
– René Arseneault, Member of Parliament for Madawaska-Restigouche and Parliamentary Secretary to the Minister of Economic Development and Official Languages (ACOA and Official Languages)
Of the $110 million allocated to Atlantic Canada through the Regional
Relief and Recovery Fund (RRRF), the Atlantic Canada Opportunities
Agency (ACOA) received $66.75 million to support Atlantic Canadian
companies and business support organizations that could not access
existing federal programs.
- ACOA also provided $43.3 million
to the Atlantic network of 41 Community Business Development
Corporations (CBDCs) for main street businesses and retailers in small,
rural and remote communities throughout Atlantic Canada.
- ACOA also provided $43.3 million
The RRRF provides working capital to finance the everyday operations of a
business including, but not limited to, sales and marketing, product
development, wages and other activities.
Organizations providing an urban Main Street loan program in Atlantic Canada are:
- Metro Business Opportunities (MBO) in Mount Pearl, NL, which received $2 million to deliver the Main Street Recovery Fund (MSRF);
- CBDC Central PEI, which received $1,050,000 to establish an Urban Main Street Loan Initiative to assist businesses in the Greater Charlottetown Area;
- the New Brunswick Association of Community Business Development Corporations, which received $2,750,000 to administer the urban Main Street Loan Initiative in the greater Fredericton, Saint John and Moncton areas; and
- the Centre for Entrepreneurship Education & Development Incorporated (CEED) in Halifax, NS, which received $3,300,000 to set up and administer the Urban Main Street Loan Initiative for businesses in the Halifax Regional Municipality.
Atlantic Canada SMEs can still apply for RRRF support if they don’t qualify for other federal supports.
In Atlantic Canada, ACOA is also delivering the Canadian Seafood Stabilization Fund (CSSF).
$62.5 million fund is helping fish and seafood processors in Atlantic
Canada, Quebec and Western Canada get through the crisis and prepare for
the economic recovery, so that their communities can continue to
- ACOA will be delivering more than $38.1 million in
funding from Fisheries and Oceans Canada to indigenous and
non-indigenous fish, seafood and aquaculture processors wishing to
access the fund.
In addition to the measures the Government of Canada is delivering support through these difficult times with its COVID-19 Economic Response Plan, ACOA continues to invest in projects through its regular suite of programs, which support projects that promote sustainable community economic development, enhance business development and growth, and facilitate innovation.