ACOA Launches $110-Million Relief And Recovery Fund
MONCTON — The Atlantic Canada Opportunities Agency (ACOA) has launched a $110-million fund to help the region’s businesses that are unable to access other existing relief programs
The new Regional Relief and Recovery Fund (RRRF) will be delivered through the Regional Development Agencies (RDAs) to help more businesses and organizations in sectors such as manufacturing, technology, tourism and others that are key to the regions and local economies.
A total of $110-million will be available for Atlantic Canadian businesses that have been unable to access funding, said Mélanie Joly, Minister of Economic Development and Official Languages and Minister who is responsible for ACOA.
“No matter how wide we extend the safety net, businesses across Canada continue to slip through the cracks. Many entrepreneurs are still anxious about whether they will get help,” said Joly in a release.
“With nearly a billion dollars in support across the country, the Regional Relief and Recovery Fund will fill in some of the gaps.”
ACOA says that RDAs are best positioned to provide this additional support because they work closely with communities across the country every day and are familiar with diverse local realities.
Atlantic Canadian businesses that are unable to access other existing measures can now apply for RRRF support through ACOA. As the RDA for Atlantic Canada, ACOA will work with key partners, such as Community Business Development Corporations (CBDCs) across the region to help Atlantic Canadian businesses get through these difficult times.
Though a lot of businesses have qualified for the federal government’s current relief programs, some businesses are still falling through the cracks and are still ineligible, particularly in rural and remote communities.
This is the case, for example, for SMEs in the tourism sector that has been severely impacted by Covid-19 and are, in some cases, ineligible for other federal programs.