Minister Joly announces that additional funding for small and medium-sized businesses is now available.

October 2, 2020 – Sudbury, ON – Federal Economic Development Initiative for Northern Ontario – FedNor

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.

Source link

Author: Editor
Editor represents multiple online news sites, including STL.News, RSSNews.Press and more. As a media company offering website hosting, design and SEO we create the news sites in part to illustrate our "search engine friendly" web hosting and design services. In addition, we believe that our "direct source news" concept helps provide accurate information to the public without bias.