Government of Canada Supports Growth of Local Businesses in Southern Ontario
The Government of Canada is investing in the growth of small businesses in southern Ontario through the Regional Relief and Recovery Fund (RRRF). This $962 million fund is designed to help businesses that have been disproportionately impacted by the COVID-19 pandemic, such as those in the hospitality, tourism, and retail sectors.
The RRRF will provide eligible businesses with grants of up to $100,000 to cover expenses such as rent, wages, and utilities. Businesses can apply for funding through their local economic development agency.
Who is eligible for funding?
To be eligible for funding, businesses must meet the following criteria:
- Be located in southern Ontario
- Have been in operation for at least one year
- Have experienced a decline in revenue of at least 30% due to the COVID-19 pandemic
- Be a small business with fewer than 500 employees
How to apply for funding
Businesses can apply for funding through their local economic development agency. Applications will be accepted until March 31, 2023.
What are the benefits of the RRRF?
The RRRF will provide eligible businesses with the following benefits:
- Grants of up to $100,000 to cover expenses such as rent, wages, and utilities
- Help businesses to stay afloat during the COVID-19 pandemic
- Support the growth of local businesses in southern Ontario
Quotes
“The RRRF is an important investment in the growth of small businesses in southern Ontario,” said the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade. “This fund will help businesses to stay afloat during the COVID-19 pandemic and support the growth of our local economy.”
“The RRRF is a lifeline for small businesses in southern Ontario,” said David Dennis, President and CEO of the Canadian Chamber of Commerce. “This fund will help businesses to cover their costs and keep their doors open.”
Additional information
For more information on the RRRF, please visit the Government of Canada’s website: www.canada.ca/en/department-finance/news/2022/11/government-canada-supports-growth-local-businesses-southern-ontario.html
Government of Canada supports growth of local businesses in southern Ontario
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