A lease sign hangs in the window as a cyclist walks past a commercial store Monday August 31, 2020 in Ottawa. The federal government is adding $600 million to a fund to help small- and medium-sized businesses weather the COVID-19 pandemic. THE CANADIAN PRESS/Adrian Wyld

Feds top up relief fund with $600M to help small, medium businesses

Money has also gone to startup companies that need investment to stay afloat

The federal government is adding $600 million to a fund to help small- and medium-sized businesses weather the COVID-19 pandemic.

The measure announced today by Economic Development Minister Melanie Joly brings total support through the Regional Relief and Recovery Fund to more than $1.5 billion.

The government says the fund has already helped more than 12,000 businesses struggling because of the pandemic, which has hit everything from main street boutiques to hotels and restaurants.

The relief and recovery fund, administered through federal regional development agencies, is intended to help enterprises that might not be eligible for other pandemic-related assistance.

Of the new money, almost $456 million will go to small- and medium-sized operations facing financial pressure to help them keep employees and cover costs.

Another $144 million will provide rural businesses and communities with access to capital and technical support, and will be delivered by community futures development corporations across the country.

“What we’ve learned is that in certain hard-hit sectors, it was more difficult for businesses to have access to capital through financial institutions, and that’s why they came up to us,” Joly said in an interview.

For instance, in northern Ontario, half of the businesses supported to date are in the tourism sector, she said.

“We’re seeing that all over Canada.”

Money has also gone to startup companies that need investment to stay afloat, she added.

“That was key, because we need to keep our innovation and our competitive edge, notwithstanding the pandemic.”

Joly said she’s also aware that major downtown cores are “really going through difficult times right now, and we’re looking at solutions.”

The minister said she spoke with chambers of commerce in several big cities this week to see what the government can do to help.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Ember
Stettler’s own Ember Graphics takes Board of Trade 2020 Business Service Award

The 2020 Business and Citizenship Awards Gala was held Oct. 22nd

lights
Mark your calendars for the annual ‘Festival of Lights’ holiday events

Annual celebration raises funds in support of patient care at the Stettler Hospital

Nate Horner
Nate Horner stops by Castor’s Paintearth Lodge on Oct. 19th

Another hot topic during the discussion was the visitor restrictions put in place to protect the residents

Stettler’s Dakota Derr wins ‘Youth Citizen of the Year’

Derr has long demonstrated a passion for volunteering in the community

B.C. Liberal leader Andrew Wilkinson, B.C. NDP leader John Horgan and B.C. Greens leader Sonia Furstenau. (Black Press Media)
VIDEO: One day until B.C. voters go to the polls in snap election defined by pandemic

NDP Leader John Horgan’s decision to call an election comes more than a year ahead of schedule and during a pandemic

Cases in Ponoka (East Ponoka County) as of Oct. 27. (alberta.ca)
Diagnosed cases of COVID-19 at three Ponoka businesses

Town ‘strongly encouraging’ residents to wear non-medical masks in public

Prime Minister Justin Trudeau provides an update on the COVID pandemic during a press conference in Ottawa on Tuesday, Oct. 27, 2020. THE CANADIAN PRESS/Sean Kilpatrick
Trudeau says pandemic ‘really sucks,’ and that Christmas gatherings are up in the air

The prime minister encouraged residents to continue to follow the advice of local health authorities

The Williams Lake Indian Band is stipulating no-go zones for mushroom picking in areas burned by last summer’s wildfires. 100 Mile Free Press photo
Who controls mushroom harvesting on Indigenous lands?

‘We don’t necessarily know where the mushrooms grow, how old the stands need to be, those types of things.’

Canadian and American flags fly near the Ambassador Bridge at the Canada/USA border crossing in Windsor, Ont. on Saturday, March 21, 2020. THE CANADIAN PRESS/Rob Gurdebeke
U.S. election results one factor that could impact immigration to Canada next year

The survey polled 1,523 Canadians between Oct. 23 and Oct. 25

Alberta’s provincial flag flies on a flag pole in Ottawa, Monday July 6, 2020. The Alberta government is hoping to get more Albertans employed by moving to limit the number and type of temporary foreign workers it allows into the province. THE CANADIAN PRESS/Adrian Wyld
Alberta to limit temporary foreign worker program to save jobs for Albertans

Temporary foreign workers already in the province won’t be affected

(Emily Jaycox/Bashaw Star)
Wreath laying ceremony held in Manfred, Alta.

Ceremony marks 64th anniversary of Hungarian revolution, honours settlers

Royal Alexandra Hospital front-line workers walk a picket line after walking off the job in a wildcat strike in Edmonton, on Monday, October 26, 2020. THE CANADIAN PRESS/Jason Franson
Alberta labour board orders health-care staff who walked off the job to go back to work

Finance Minister Travis Toews said in a news release that he was pleased with the labour board’s decision

Wetaskiwin Hospital staff join AUPE walk outs across the province Monday Oct. 26, 2020. Shaela Dansereau/ The Pipestone Flyer.
City of Wetaskiwin health-care workers strike in protest of province-wide cuts

Wetaskiwin Hospital staff join other front line hospital workers across the province in walk-outs.

Most Read