ACOA launches relief fund

Atlantic Canadian businesses left behind by other federal relief programs can now apply to a new $110-million fund.

On Wednesday, the Atlantic Canada Opportunities Agency launched the Regional Relief and Recovery Fund to help support local economies. In total, nearly $1 billion is being injected into six regional development agencies across Canada.

“Here's the bottom line. These organizations understand the economic realities and specific challenges facing both your region and your business. They can help you with your most pressing needs, whether it's covering costs or keeping your employees,” Prime Minister Justin Trudeau said Wednesday.

“If you're struggling but did not qualify for other programs like the wage subsidy or the emergency business account, give them a call.”

According to a news release from Economic Development Canada, the funding will be for small and medium-sized enterprises across Atlantic Canada in sectors such as manufacturing, technology, tourism and others that are key to the regions and local economies that have been affected by the COVID-19 pandemic and cannot access existing relief measures that have been introduced.

“No matter how wide we extend the safety net, businesses across Canada continue to slip through the cracks,” Mélanie Joly, minister of economic development, said Wednesday.

This is the case, for example, for businesses in the tourism sector that have been severely affected by the pandemic and are, in some cases, ineligible for other federal programs such as the Canada Emergency Wage Subsidy or the loan programs.

The department says ACOA will work with key partners like the 41 community business development corporations across the region to help businesses access the funding.

Businesses and organizations that applied for but were unable to access existing federal COVID-19 relief benefits, as well as those that received benefits but are still experiencing cash flow issues, are encouraged to contact ACOA for more information on the Regional Relief and Recovery Fund before applying.

“The idea is to make sure that we can offer enough flexibility and be adapted to regional realities. The agencies are close to the ground, have their eyes and ears close to the ground and are there to help,” Joly said.

“The goal of this program is to ... have an equitable relaunch of our economy.”

BLAIR GABLE • REUTERS Prime Minister Justin Trudeau arrives to a meeting of the special committee on the COVID-19 pandemic in the House of Commons on Parliament Hill in Ottawa on Wednesday.