MONCTON, NEW BRUNSWICK: In Atlantic Canada, the Atlantic Canada Opportunities Agency (ACOA) is delivering over $110 million to businesses and business support organizations.
Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for ACOA, announced that 293 projects have been supported with over $63 million in Regional Relief and Recovery Fund (RRRF) funding.
In the Strait area, Route 19 Brewing Inc. received $100,000 in repayable financing; the Strait Area Chamber of Commerce was greenlit for $22,000 in non-repayable funding; the Dundee Resort & Golf Club ULC will get a repayable contribution of $100,000; Iron Mountain Wilderness Cabins will receive $40,000 in repayable assistance; and Superport Marine Services Limited was approved for $100,000 in repayable funding.
Of the $110 million allocated to Atlantic Canada through the RRRF, ACOA received $66.75 million to support Atlantic Canadian companies and business support organizations that could not access existing federal programs.
ACOA also provided $43.3 million to the Atlantic network of 41 Community Business Development Corporations (CBDCs) for main street businesses and retailers in small, rural and remote communities throughout Atlantic Canada.
With Atlantic Canada’s tourism sector – and industries that rely on it like food service, recreation and entertainment – deeply affected by COVID-19, more than 30 per cent of ACOA’s RRRF investments are supporting tourism-related businesses. With downtown cores also hit hard by COVID-19, $9.1 million was allocated to four organizations to help soften the effects on main street businesses, like small retail shops.
The RRRF provides working capital to finance the everyday operations of a business including, but not limited to, sales and marketing, product development, wages and other activities.
In Atlantic Canada, ACOA is also delivering the Canadian Seafood Stabilization Fund (CSSF). The $62.5 million fund is helping fish and seafood processors in Atlantic Canada, Quebec and Western Canada get through the crisis and prepare for the economic recovery, so that their communities can continue to thrive. ACOA will be delivering more than $38.1 million in funding from Fisheries and Oceans Canada to indigenous and non-indigenous fish, seafood and aquaculture processors wishing to access the fund.