Funding provides BC entrepreneurs with the advice and tools they need to mitigate COVID-19 impacts on their businesses.
November 13, 2020 – Quesnel, British Columbia – Western Economic Diversification Canada
From the outset, the Government of Canada has taken action to support businesses affected by the COVID-19 pandemic, and to protect their contributions to the Canadian economy. One measure of support is the $1.5 billion Regional Relief and Recovery Fund (RRRF), delivered by Canada’s Regional Development Agencies and intended for small- and medium-sized enterprises that have been unable to access other federal relief measures, putting jobs and livelihoods at risk.
The pandemic has created new barriers and challenges for BC businesses, including access to capital, and there has been strong demand for RRRF funding. The traditional broad range of supports available to entrepreneurs through the business ecosystem, such as industry associations, are also subject to their own pandemic-related challenges. These not-for-profit organizations, best placed to identify and nurture locally relevant initiatives that meet regional needs, are struggling at the time that they are needed most.
Support for the business ecosystem
Today, the Honourable Joyce Murray, Minister of Digital Government and Member of Parliament for Vancouver Quadra, announced over $1.7 million for business ecosystem support in BC. This RRRF funding for seven organizations will ultimately support enterprises in all stages of the business lifecycle, from nurturing start-ups to the ongoing development of mature firms. Many of the programs being funded are already under way, bringing immediate support for local companies, and making a difference for families and communities across the West.
Today’s funding from Western Economic Diversification Canada (WD) is expected to help maintain more than 11,000 jobs in businesses across the province, and is part of the government’s commitment to create one million jobs across Canada.
For example, the Community Futures Development Association of BC will receive $1 million to create economic support programs for small and medium-sized enterprises in communities impacted by mill closures. Recent mill closures and curtailments – exacerbated by the COVID-19 pandemic – have had a devastating impact on businesses in remote, resource dependent communities. Funding is expected to provide 190 small businesses with training, mentorship and operational costs, helping to maintain 760 jobs over the next six months.
This RRRF funding complements existing programs offered by WD, such as the WES Ecosystem Fund and the Regional Innovation Ecosystems (RIE) program. RRRF will help industry sectors retain the knowledge and skills of valuable employees, and maintain the capital flows and supply chains needed to build back better in an economic recovery.