A lease sign hangs in the window as a cyclist walks past a commercial store Monday August 31, 2020 in Ottawa. The federal government is adding $600 million to a fund to help small- and medium-sized businesses weather the COVID-19 pandemic. THE CANADIAN PRESS/Adrian Wyld

Feds top up relief fund with $600M to help small, medium businesses

Money has also gone to startup companies that need investment to stay afloat

The federal government is adding $600 million to a fund to help small- and medium-sized businesses weather the COVID-19 pandemic.

The measure announced today by Economic Development Minister Melanie Joly brings total support through the Regional Relief and Recovery Fund to more than $1.5 billion.

The government says the fund has already helped more than 12,000 businesses struggling because of the pandemic, which has hit everything from main street boutiques to hotels and restaurants.

The relief and recovery fund, administered through federal regional development agencies, is intended to help enterprises that might not be eligible for other pandemic-related assistance.

Of the new money, almost $456 million will go to small- and medium-sized operations facing financial pressure to help them keep employees and cover costs.

Another $144 million will provide rural businesses and communities with access to capital and technical support, and will be delivered by community futures development corporations across the country.

“What we’ve learned is that in certain hard-hit sectors, it was more difficult for businesses to have access to capital through financial institutions, and that’s why they came up to us,” Joly said in an interview.

For instance, in northern Ontario, half of the businesses supported to date are in the tourism sector, she said.

“We’re seeing that all over Canada.”

Money has also gone to startup companies that need investment to stay afloat, she added.

“That was key, because we need to keep our innovation and our competitive edge, notwithstanding the pandemic.”

Joly said she’s also aware that major downtown cores are “really going through difficult times right now, and we’re looking at solutions.”

The minister said she spoke with chambers of commerce in several big cities this week to see what the government can do to help.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A case of COVID-19 at Langley Lodge was declared over on Tuesday, Oct. 20, 2020 (Langley Advance Times file)
COVID-19 case over at Langley Lodge

No new cases have been discovered

Police tape is shown in Toronto Tuesday, May 2, 2017. (Graeme Roy/The Canadian Press)
CRIME STOPPERS: ‘Most wanted’ for the week of Oct. 18

Crime Stoppers’ weekly list based on information provided by police investigators

NDP leader John Horgan, with Langley riding candidate Andrew Mercier, announcing a funding pledge to complete the SkyTrain line, in Douglas Park on Thursday, Oct. 8. Today (Oct. 21) Horgan will be returning to Langley to talk about health care and the province’s response to the pandemic. (Matthew Claxton/Langley Advance Times)
Horgan returns to Langley Wednesday to talk health care and pandemic response

BC NDP leader will be joined by local candidates at a residence

Aldergrove Elks Club put up a mural which they hope kids can help finish in the coming months. (Special to the Aldergrove Star)
PHOTOS: ‘Community Carries On’

Aldergrove Elks hoping kids can finish mural by painting other side of new plywood installation

Mary Foote (right) took part in the Gutsy Walk in August 2020 at the age of 104. She was joined by son in-law Clarence and daughter Edith Olson. (family photo)
Langley woman turns 105 on Oct. 25

In August, Mary Foote took part in the Gutsy Walk to battle Crohn’s and Colitis

Brody Peterson said he intends to dispute tickets issued by Grand Forks RCMP at his backyard “house warming” Saturday, Oct. 10. Photo: Laurie Tritschler
Brody Peterson told The Gazette he intends to dispute tickets issued by Grand Forks RCMP at his backyard “house warming” Saturday, Oct. 10. Photo: Laurie Tritschler
Grand Forks RCMP recommend criminal charges after weekend party

Homeowner Brody Peterson said he’ll dispute tickets for refusing police instructions, alleged COVID violations

A glimpse of some of the 480 (approx) cars written off as a result of the acid spills along the Trail highway in 2018. Photo: Trail Times
Kootenay Ford dealer’s frustration grows with ICBC

Trail AM Ford owner Dan Ashman says he just wants fair compensation from ICBC

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Mail-in ballot from Elections BC (Katya Slepian/Black Press Media)
At least 26% of eligible voters have already cast their ballot, Elections BC says

Voters can cast a ballot until 8 p.m PST on Election Day

RCMP were called to an assault in the 23700-block of 110 Ave in Maple Ridge Tuesday, Oct. 20, 2020. (Curtis Kreklau/Special to The News)
PHOTOS: Assault in Maple Ridge sends three men to hospital

RCMP were called to a residence Tuesday night

A black bear targets a bird feeder by the Rotary Trail along the Vedder River in Chilliwack on Oct. 7, 2020. (William Snow photo)
Public safety of residents cited as young bear euthanized in Chilliwack

Human-habituated bear was hanging around residential areas and bird feeders near the Vedder River

Most Read