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
Associated links
Atlantic Canada Opportunities Agency
Regional Relief and Recovery Fund
Canada’s COVID-19 Economic Response Plan
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