Mélanie Joly, Minister of Economic Development and Official Languages announced today that the federal government will be investing $22.3 million to assist businesses and organization across northern Ontario through the second wave of the COVID-19 pandemic.
The FedNor funding flows from the $600 million in Regional Relief and Recovery Fund (RRRF) funding announced by the Prime Minister this afternoon.
"The Regional Relief and Recovery Fund will enable FedNor and its partner Community Futures Development Corporations to continue their good work by investing directly in small and medium-sized businesses that need a hand up to effectively address the challenges posed by COVID-19 and work toward recovery," said Sault Ste. Marie MP Terry Sheehan in a news release.
Full text of that news release follows:
SUDBURY - Canada’s COVID-19 Economic Response Plan has helped 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. It has been a lifeline for more than 762 businesses and organizations in Northern Ontario that might otherwise not have survived, helping to maintain more than 3,300 jobs in the region.
Funding to support workers and businesses across Northern Ontario
With the second wave upon us, businesses across Northern Ontario need more support – now. That’s why the Honourable Mélanie Joly, Minister of Economic Development and Official Languages today announced an additional $22.3 million for FedNor to help businesses and organizations in Northern Ontario recover from the impacts of COVID-19. This flows from the additional $600 million in RRRF funding announced by the Prime Minister earlier today.
Out of the additional funds for Northern Ontario, $6 million will be provided to the region’s Community Futures Development Corporations (CFDCs) to target businesses in rural communities.
Businesses and organizations in Northern Ontario that have applied for, but were unable to get access to sufficient relief from other federal COVID-19 programs, are encouraged to review RRRF eligibility requirements or to contact FedNor for more information.
Quotes
“Small and medium sized businesses have been hit hard by COVID-19, and the Regional Relief and Recovery Fund is here to help them, protecting over 3,300 jobs across Northern Ontario. With the second wave upon us, we’ve heard clearly from businesses and workers that more support is needed. That’s why we’re enhancing and expanding the RRRF to help even more people in Northern Ontario. Our message to them is clear: we’ve been here for you with significant measures, we’re here for you now and we’ll get through this, together. We’re working with you to support good, local jobs and help our economy come back strong.” - The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor
“I am pleased to be part of a government that is there for Northern Ontario communities and businesses during the ongoing pandemic. We have heard first-hand about the challenges many of them are facing. The Regional Relief and Recovery Fund will enable FedNor and its partner Community Futures Development Corporations to continue their good work by investing directly in small and medium-sized businesses that need a hand up to effectively address the challenges posed by COVID-19 and work toward recovery.” - Terry Sheehan, Member of Parliament for Sault Ste. Marie and Parliamentary Secretary to the Minister of Economic Development and Official Languages and Minister responsible for FedNor
