The federal government has issued a press release announcing the addition of the new Regional Recovery and Assistance Fund (RRAG), with an envelope of almost $962 million to help more businesses and organizations in sectors such as manufacturing, technology, tourism and others on which regional economies depend.
The Honourable Mélanie Joly, Minister of Economic Development and Official Languages, announced today that the RRIF is now accepting applications from businesses and communities. The RWIF was designed to support those who may require additional assistance in recovering from the COVID-19 pandemic, and who have been unable to access existing support measures. Canadian businesses are just as diverse as Canada’s population, and the immediate concrete assistance provided by the fund will be tailored to their specific needs. What’s more, the RSIF will ease the pressure on businesses, helping them to pay for employees and operating costs. In the months ahead, they will be able to play an important role in the country’s economic recovery.
The six regional development agencies (RDAs) will administer the additional funds. Present in every region of Canada, the RDAs are familiar with the economic realities of their respective regions, and are well placed to help workers and businesses.
The funds will be allocated as follows:
- 110 million for Atlantic Canada – Atlantic Canada Opportunities Agency (ACOA);
- 211 million for Quebec – Canada Economic Development for Quebec Regions (CED);
- 34.3 million for the North – Canadian Northern Economic Development Agency (CanNor);
- 252.4 million for Southern Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario);
- 49.5 million for Northern Ontario – Federal Economic Development Initiative in Northern Ontario (FedNor);
- 304.2 million for Western Canada – Western Economic Diversification Canada (WD).
The announced fund is part of Canada’s Economic Action Plan in response to the government’s COVID-19, which committed more than $149 billion to support Canadians and businesses through the current crisis. In addition, RDAs will adapt to meet the needs of businesses in their region as the government strengthens assistance programs.
Companies wishing to obtain assistance through this initiative are invited to submit an application for FARR assistance to their ADR.
