Government of Canada expands Regional Relief and Recovery Fund to provide further support for businesses
Ottawa, October 2, 2020 – Innovation, Science and Economic Development Canada
Canada’s COVID-19 Economic Response Plan has helped protect millions of jobs, provide emergency support to families and keep businesses afloat as they deal with the impact of COVID-19. A central part of this is the Regional Relief and Recovery Fund, which helps support those who may not be eligible for other programs. Since the Fund was launched in May, over 12,000 businesses have been assisted through the RRRF, helping them keep their employees, cover costs, and protect almost 95,000 jobs across Canada.
With the public health situation continuing to evolve, businesses across the country need more support now. That’s why the Honourable Melanie Joly, Minister of Economic Development and Official Languages, announced that the Government of Canada will provide an additional $600 million to support workers and businesses through RRRF. This additional investment brings the total RRRF support to over $1.5 billion, helping businesses and organizations weather the impact of COVID-19.
Funding to support regional economies across Canada The RRRF has been a vital tool, supplementing the existing suite of federal relief measures to address the immediate needs of Canadians during the pandemic. Canada’s Regional Development Agencies (RDAs) will deliver the RRRF in their regions. Working closely with businesses and innovators in their communities, RDAs are key to delivering targeted support to Canadians where it’s needed most.
The additional funds announced will continue to be administered by the RDAs. Part of that funding will also be distributed by the RDAs to Community Futures (CF) organizations in order to target businesses and organizations in rural communities across the country.
BC Launches InBC: $500M Investment Fund For Businesses
InBC is a $500 million strategic investment fund of the Government of British Columbia. It will invest in high growth potential firms, growing and anchoring talent, intellectual property, innovation, investment and jobs in B.C., and driving economic growth in every region.
InBC was announced on September 17, 2020. The investment program is currently in development. InBC will invest in small and medium-sized B.C. companies to help them scale up and reach their highest potential, while generating returns that support a growing economy that benefits all British Columbians.
The Economic Impact of Supporting Local Businesses
Across our province, small local businesses play a central role in our lives. They keep jobs within our communities, provide our essential services, and a welcoming face while running errands. During the COVID-19 pandemic, many of these businesses have faced unprecedented challenges. Now, more than ever, is the time to show our support by choosing to buy local and help support our local economies.
Community Economic Recovery Infrastructure Program Portal Now Open
The Community Economic Recovery Infrastructure Program provides fully-funded provincial grants to support economic resilience, tourism, heritage, and urban and rural economic development projects in communities impacted by COVID-19.
How the program works
Under the Community Economic Recovery Infrastructure Program (CERIP), the Province is committing up to $90 million to support community economic resilience, tourism, heritage, and urban and rural economic development projects.
The projects will help communities impacted by COVID-19 and support B.C.'s post-pandemic economic recovery.
Eligible applicants can receive a one-time, 100% funded provincial grant to support four key streams:
Community Economic Resilience
Unique Heritage Infrastructure
Rural Economic Recovery
Review each stream for specific funding cap information. All funds will be paid out by March 31, 2021. Projects must start by December 31, 2021 and end by March 31, 2023.
All applications must be received by October 29, 2020 at 11:59 pm
Business Retention & Expansion program welcomes new communities and a new major partner
BC BusinessCounts is powered by ExecutivePulse, the only Customer Relationship Management (CRM) solution built by economic developers, for economic developers. Our CRM’s intuitive design allows users to easily create at-a-glance reports and presentations, optimize their internal and external communication, and track the progress of their initiatives.
BCEDA is pleased to welcome new licensees the District of Squamish, City of Langford and Mount Waddington Regional District & Community Futures Mount Waddington.
BCEDA is also pleased to announce an exciting partnership with Vancouver-based SoftLanding. Softlanding is partnering with BCEDA and ExecutivePulse to host all BC data collected through the BC BusinessCounts platform. More details to come.
WRLDCTY, the planet’s largest virtual cities conference
October 22 – 24, 2020
WRLDCTY is the planet’s first and largest virtual event dedicated to cities, their citizens, culture and experiences. Taking place on October 22 – 24, the 100% virtual event will broadcast from cities around the world, sharing their stories and exploring all facets of urban life, stewardship and creativity through the lens of culture, design, economy, inclusivity, sustainability and well-being. Featuring 100+ speakers and 70+ sessions led by leading urban visionaries, mayors, artists and other enlightened citizens, WRLDCTY will unite 10,000 attendees over the course of an unforgettable three days, from the comfort of home.
BCEDA is continuing to seek success stories to highlight on the Economic Development in Action website. The website is advertised internationally and used as a tool to market your community and attract international investors. Economic Developers can use the website to collaborate on ideas and gain inspiration from others. We a looking for a brief summary of your successful projects, partnerships and initiatives.