The Regional Relief and Recovery Fund (RRRF) is providing over $1.5 billion in assistance to businesses and communities as part of Canada’s COVID-19 Economic Response Plan, which will need additional funding to cope with and recover from the pandemic.
This fund is for small and medium-sized companies that have not been able to receive other measures of federal aid.
The fund will contribute to:
- The financial burden faced by the businesses and organizations to allow them to continue their activities, including paying their staff; and
- Supporting corporations, organizations and communities’ programs to plan for a sustainable recovery.
Enterprises, Organisations, and Communities can contact their Regional Development Agency to verify the eligibility criteria and apply for the RRRF.
Overview of Regional Relief and Recovery Fund
1) In the West, RRRF funding of over $567 million flows through Western Economic Diversification Canada (WD).
2) Eligible western companies can get up to $40,000 repayable interest-free contributions from WD through RRRF.
3) WD also offers up to $1,000,000 in interest-free financing through RRRF to deal with the financial problems arising from COVID-19.
4) Government’s support to Manitoba’s 23 Organizations
- For a robust series of programs led by Manitoba’s non-profit business support network, over $2.8 million was announced.
- 23 organizations will help companies at all stages of the business lifecycle, from fostering start-ups to the ongoing development of mature firms through this RRRF
- Over 5,600 workers in Manitoba companies will benefit from the programs being delivered as a result of this funding.
5) Government’s support to British Columbia
- More than $1.7 million announced for business ecosystem support in BC.
- Ultimately, this RRRF funding for seven organizations will support businesses at all stages of the business lifecycle.
- The Western Economic Diversification Canada (WD) fund’s intention to help sustain more than 11,000 business jobs across the province, which is part of the government’s commitment to building one million Canadian jobs.
6) Saskatchewan to get support for its 24 Organizations
- $1.925 million announced for business ecosystem funding in Saskatchewan from Western Economic Diversification Canada.
- Ultimately, this RRRF funding for 24 organisations will support over 2,600 businesses at all levels of the business lifecycle, from nurturing start-ups to expanding established companies on an ongoing basis.
- The funding supports more than 340 jobs directly in the organisations as well as many more in small companies benefiting from the services they provide.