COVID-19: $43.3 million allotted to support Atlantic rural communities
News release
Unprecedented financial support to the Atlantic Association of Community Business Development Corporations (CBDCs) to help businesses affected by economic impacts of pandemic now fully committed
Moncton, NB, August 24, 2020 – Just over three months ago, the Government of Canada responded to an urgent need to help small- and medium-sized businesses (SMEs) that were struggling due to the worldwide effects of the COVID-19 pandemic. It launched the Regional Relief and Recovery Fund (RRRF) to help SMEs adapt to this new reality and keep employees on their payroll.
In Atlantic Canada, the Fund has proven to be much-needed by main street businesses such as retailers and service shops in small, rural and remote communities across the region. The Atlantic Association of CBDCs has now exhausted its RRRF allocation… [insert number of businesses]
Concrete, adapted measures
Using this Fund, the region’s CBDCs were able to draw on their local services and expertise to help entrepreneurs and rural communities overcome economic challenges related to COVID-19. Although their RRRF allocation is fully subscribed, the CBDCs continue to offer loans with favourable terms for working capital to businesses that have been unable to access other federal supports or that still have a funding gap. To find out more about how CBDCs can help, contact your nearest CBDC office or visit the Atlantic Association of CBDCs website.
Small- and medium-sized businesses are at the heart of many rural economies. They are an important source of jobs and pride, and they contribute to making their communities great places to live. The RRRF support provided to the CBDCs by the Government of Canada is helping to ensure rural SMEs can undertake a successful recovery and continue to play a key role in the Canadian economy.
Quotes
“The COVID-19 health crisis has affected our regional shopkeepers and businesses hard. The Regional Relief and Recovery Fund has helped ensure they have the resources they need to pursue their activities and put them on the road to recovery. By working with them, in collaboration with the Atlantic Association of CBDCs and ACOA, we have been able to kick-start our economy.”
– The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for ACOA
“The region’s rural businesses are benefitting from the CBDCs’ people and expertise in quickly delivering their allocation of the Regional Relief and Recovery Fund to those that needed it most. Every day, CBDCs demonstrate that they are first-rate allies in helping rural Atlantic SMEs get through this crisis.”
– René Arseneault, Parliamentary Secretary to the Minister of Economic Development and Official Languages (ACOA and Official Languages)
“We appreciate the initial assistance the government provided to rural SMEs in Atlantic Canada to help navigate the COVID-19 pandemic. CBDCs are proud to administer funding, as a reflection of our community ties and reputation for supporting rural businesses. On the road to recovery, we know more capital will be needed and we’ll continue backing rural SMEs and assisting in their success.”
– Neville Robinson, President of the Atlantic Association of CBDCs
Quick facts
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On May 13, 2020, Minister Joly announced the launch of the application intake process for the $962 million RRRF.
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Just over $110 million was allocated to Atlantic Canada: $66.75 million through ACOA, and $43.3 through the Atlantic Association of CBDCs to support businesses and business support organizations located in the region’s rural communities.
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The RRRF was designed to support businesses affected by the COVID-19 pandemic that were unable to benefit from other existing federal measures or were still experiencing cash flow issues.
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Rural businesses that are still experiencing gaps in support should contact their local CBDC to discuss their situation.
Associated links
Contacts
Alexander Cohen
Press Secretary, Office of the Minister of Economic Development and Official
Languages
alexander.cohen@canada.ca
Cathy Thériault
Senior Communications Officer
Atlantic Canada Opportunities Agency
cathy.theriault@canada.ca
(506) 377-4964
Basil Ryan
Chief Operating Officer
Atlantic Association of CBDCs
(902) 747-2232