Ontario Construction News staff writer
The County of Simcoe and the Community Futures Development Corporations (CFDCs) is set to help local businesses unable to access existing federal COVID-19 relief measures can now apply for funding under a new Government of Canada initiative called the Regional Relief and Recovery Fund (RRRF).
The COVID-19 pandemic and the necessary health and safety measures enacted, have resulted in uncertainty, anxiety and financial impacts for many businesses and their employees. Through the County of Simcoe’s Phase II COVID-19 Business Impact Survey, 56 per cent of respondents indicated that Financial Grants/Cash Flow/ Emergency Funds are what they need the most, at this uncertain time, from government.
“With nearly a billion dollars in support across the country, the Regional Relief and Recovery Fund will fill in some of the gaps,” Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for Federal Economic Development Agency for Southern Ontario, said in a statement. “Our message to Canadians is clear: we are here for you now; we will be here for you in the weeks and months to come; and we will get through this together. We’ve got your back.”
A total of $962 million was announced nationally and $252 million marked for Southern Ontario alone, the RRRF will support Simcoe County small and medium sized businesses that do not qualify for or have not been able to receive funding from current Government of Canada COVID-19 relief measures.
In order to provide targeted assistance to the small towns and communities in the County of Simcoe, local CFDCs will administer the funding and focus on assisting “main street” businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to our communities, with interest-free loans up to $40,000. Support is available to businesses operated by sole-proprietors, corporations and partnerships.
“The COVID-19 pandemic has been difficult and challenging for our businesses, residents and communities. At the County level we are investigating options to support our local businesses and their employees and we’re pleased that our local businesses impacted by the pandemic have another funding stream available to them to help alleviate pressures and financial burdens,” said County Warden George Cornell.
“Small- and medium-sized businesses have been particularly impacted by the COVID-19 pandemic. This investment in the Regional Relief and Recovery Fund (RRRF) will capitalize on Community Futures Development Corporations’ unique position and expertise to help support rural businesses and entrepreneurs during these challenging times.”
Visit the County of Simcoe’s Economic Development website for more information.