COVID-19: $71.3 million to support the economy of Quebec’s regions
Government of Canada offers unprecedented financial support to Réseau des SADC et CAE to help small businesses affected by economic impacts of health crisis
Montréal, Quebec, June 10, 2020 – Canada Economic Development for Quebec Regions (CED)
The face of Quebec’s economy has changed considerably with the COVID-19-related health crisis, which has brought much upheaval in the daily reality of the business community. The Government of Canada is aware of the economic impacts on businesses, recognizing that they are at the heart of local economies.
That is why, under Canada’s COVID-19 Economic Response Plan, the Government of Canada has adopted a series of measures to help SMEs face this new reality.
On May 13, 2020, CED launched in Quebec the Regional Relief and Recovery Fund (RRRF). Out of the $211 million the Agency is administering, $71.3 million has been granted to the Réseau des SADC et CAE to support businesses and organizations located in Quebec’s rural communities.
Concrete, adapted measures
With this support, the network’s Community Futures Development Corporations (CFDCs) and Business Development Centres (BDCs) will draw on their local services and expertise to help entrepreneurs and rural communities to overcome challenges related to COVID-19. They will be able to offer loans with beneficial terms for working capital as well as specialized advisory services, and fund local economic development projects.
Local businesses will play a key role in the recovery. An important source of jobs and pride, they contribute to our communities’ economic dynamism.
For further details on the support provided to the province’s 67 CFDCs and BDCs, please consult the related backgrounder.
“The health crisis is hitting our regional shopkeepers and businesses hard. We must immediately ensure they have the resources they need to pursue their activities. By working with them, in collaboration with the Réseau des SADC et CAE, we will kickstart our economy.”
The Honourable Mélanie Jolie, Member of Parliament for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages and Minister responsible for CED
“CED can count on the CFDCs’ and BDCs’ collaboration in delivering the Regional Relief and Recovery Fund. Located in every corner of the province, they are first-rate allies in helping Quebec get through this crisis. The CFDCs and BDCs are also very well positioned to offer this support, since each and every day they work in close collaboration with Quebec’s rural communities and are very familiar with their diverse local realities.”
Élisabeth Brière, Member of Parliament for Sherbrooke and Parliamentary Secretary to the Minister of Economic Development and Official Languages (Economic Development Agency of Canada for the Regions of Quebec
The Honourable Mélanie Joly is the minister responsible for the six regional development agencies (RDAs), including CED.
The Government of Canada has established the RRRF, which is administered by Canada’s six RDAs. With an envelope of $962 million nationally, including $211 million for Quebec, this fund aims to support businesses affected by the COVID-19 pandemic that are unable to benefit from other existing federal measures.
In Quebec, the RRRF is being implemented by CED in collaboration with the Réseau des SADC et CAE.
Canada Economic Development for Quebec Regions
Office of the Minister of Economic Development and Official Languages
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