Relief and recovery funds for Atlantic businesses 

Backgrounder

Today, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), announced that, as of September 28, 2020, businesses and business support organizations that were unable to access existing Government of Canada COVID-19 relief measures received a total of $63,372,528 in support of 293 projects.

This ACOA funding comes from the Regional Relief and Recovery Fund (RRRF).

The RRRF was established to mitigate the financial pressure experienced by businesses and to allow them to continue their operations. The 293 projects support a wide-range of businesses and business support organizations across Atlantic Canada:

  • Nova Scotia: 111 projects, $22,899,599
  • New Brunswick: 56 projects, $13,949,734
  • Prince Edward Island: 30 projects, $6,599,098
  • Newfoundland and Labrador: 96 projects, $19,924,097


RRRF investments in tourism related projects

Some of the hardest hit sectors in Atlantic Canada were in the food service, cultural, recreation and entertainment industries that usually benefit from tourism spending. More than 30 percent of ACOA investments from RRRF have gone to tourism related businesses.

Region

Number of projects

Total assistance

Nova Scotia

31

$5,493,433

New Brunswick

20

$3,195,440

Prince Edward Island

10

$2,603,000

Newfoundland and Labrador

49

$8,119,500

Atlantic Canada

110

$19,411,373

 

Supporting businesses and business support organizations of all sizes across the region

Small and medium sized enterprises are the backbone of the Canadian economy and their recovery is critical to Atlantic Canada’s success. Support by size of business and/or organization:

Region

Very small

(0 to 4 employees)

Small

(5 to 99 employees)

Medium

(100 to 499 employees)

Large

(500 and more employees)

Total

Nova Scotia

35

67

7

2

111

New Brunswick

18

36

2

0

56

Prince Edward Island

9

20

1

0

30

Newfoundland and Labrador

25

69

2

0

96

Atlantic Canada

87

192

12

2

293

 

Related products

News release: Regional Relief and Recovery Fund support for Atlantic Canadian businesses tops $63 million

Associated links

Atlantic Canada Opportunities Agency

Regional Relief and Recovery Fund

Canada’s COVID-19 Economic Response Plan

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