NICKEL BELT-GREATER SUDBURY – COVID-19 has had a significant impact on local businesses in a multitude of sectors including tourism, manufacturing, agriculture and much more. Recognizing the need to act swiftly, the Canadian government implemented a series of financial support measures to ensure employers could pay their employees, diversify their operations and keep up with bills.

However, upon hearing the concerns and voices of many small and medium enterprises, gaps were identified by employers who didn’t meet the criteria for certain Federal funding programs. This helped pave the way to the creation of the Region Relief and Recovery Fund (RRRF) to ensure direct and timely support would be available for those who needed it.

The RRRF provides financial contributions (interest-free loans) to help support fixed operating costs of SMEs, where business revenues have been affected by the COVID-19 pandemic and they have been unable to access other Government of Canada measures. These funds are issued through regional development agencies. In June Economic Partners Sudbury East West Nipissing received approximately $685,000 in RRRF funding, however those funds were quickly depleted by many area businesses. Recognizing additional funds were desperately needed, MP Serré further advocated for more support and in August Economic Partners received an additional $525,000. In total this roughly $1.2 million in funds were used to offer $40,000 business loans to 28 eligible organizations.

Since the RRRF was created in May 2020 $49.5 million was allocated in support of Northern Ontario businesses and organizations through two funding streams. The Regional economy stream in Northern Ontario supports eligible applicants such as incorporated companies, corporations or co-operatives, or Indigenous organizations such as Indigenous/First Nation/Métis Settlement-owned businesses, as well as various not-for-profit entities. The Community Futures stream in Northern Ontario offers support directly to small businesses and entrepreneurs in rural areas including sole proprietorships or partnerships not covered under the Regional Economy stream. 

 Quotes

“By listening to businesses and identifying gaps we were able to successful establish a solution through FedNor and the RRRF. Our businesses, organizations, all levels of government and communities are working together as we navigate the safe restart of our economy and a successful recovery for our sectors that were negatively impacted due to COVID-19. Thank you to Economic Partners Sudbury East and West Nipissing for working at the grassroots local level and for navigating these challenges to ensure the sustainability of our region’s small and medium sized businesses.” – Marc G. Serré MP Nickel Belt 

“This capital injection will assist the small businesses that drive the economy in Northern Ontario. Tourism operators, main street sole proprietors and both the agriculture and forestry sectors will benefit from these investments. We are proud to dedicate our resources and implement programs that have complimentary objectives of the Federal Government and we will continue to support our regional economy within the context of a global pandemic.” – Neil Fox, General Manager Economic Partners Sudbury East West Nipissing Inc.

Quick facts

• With the new Regional Relief and Recovery Fund, the Government of Canada is nearly doubling the annual budgets of Canada’s six regional development agencies (RDAs).
• The Fund is an immediate $962 million support measure to protect Canadian jobs and to help Canadians and businesses through this period of uncertainty.

Associated links

Regional Relief and Recovery Fund
COVID-19 support for businesses

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Media Contact:

 Kaylie Dudgeon
Special Assistant
Marc Serré, MP Nickel Belt
705-897-2222
[email protected]