For Immediate Release
REGIONAL RELIEF AND RECOVERY FUND (RRRF) :
An emergency measure that is already making a difference for small businesses and women entrepreneurs.
Shawville, September 2, 2020 – Last June, the Government of Canada and the Réseau des SADC et CAE established the Regional Relief and Recovery Fund (RRRF) to help small businesses in regions affected by Covid-19. Today, SADC Pontiac CFDC, unveiled the first results of this emergency measure inspiring a visit from William Amos, MP and Parliamentary Secretary to the Minister of Innovation, Science and Industry. This visit took place in Shawville at Gelam Riding Stables, owned by Ms. Ginger Finan,
“This assistance is crucial for our community and the demand has been strong; the funds of $965,854 were quickly disbursed and 183 businesses have benefited from this financial assistance, 81 of which are owned by women. According to them, this assistance has made a real difference. The RRRF was available to businesses that did not have access to other government measures and to ensure assistance for everyone. We note that 44% of our clients are women entrepreneurs and we are very proud to have helped this significant sector of our business community”, says Ms. Rhonda Perry, Executive Director of SADC Pontiac CFDC.
Ms. Ginger Finan testified to the relevance of this financial assistance and the SADC’s efficiency during this unprecedented crisis.
“Small businesses are the engine of our local economy and we want to offer them as much support as possible to help them get through this pandemic. That is why we are so pleased to have received the additional funding announced by the federal government for CFDCs. We know that the new funding has had a positive impact on the level of support we have been able to offer to our local businesses. Thank you again to the Honourable Mélanie Joly and our Member of Parliament Mr. William Amos for their collaboration in the deployment of the RRRF. Thank you also to the SADC team which, since the beginning of this crisis, has again stepped up their efforts to ensure the necessary support to local entrepreneurs and the deployment of structuring projects. We are all working together to ensure that entrepreneurs maintain their confidence. Supporting the economic development of our community has been our mission for 35 years! “says Ms. Ellen Boucher, Chair of SADC Pontiac CFDC.
Our government recognizes that our businesses, particularly in rural areas and those run by women entrepreneurs, face unique realities and challenges because of COVID-19. I am pleased to see that the RRRF has supported so many businesses in the MRC Pontiac, enabling them to be even stronger as the economy recovers. “said MP Amos.
MORE THAN FINANCING
Remember that the RRRF is a financial contribution that helps businesses that have not, until now, been able to benefit from the federal government’s support.
The assistance granted by the CFDCs and CAEs can take the form of working capital of up to $40,000 or a non-repayable financial contribution for technical assistance needs such as specialized expertise in areas that are currently of prime importance to our clientele, such as adapting to health measures, developing a financial continuity plan to prepare for the future or adopting technologies for online commerce.
The CFDCs or CAEs have also carried out or collaborated on local economic development initiatives, such as business training, promotion of local purchasing, downtown revitalization operations and advertising campaigns highlighting the businesses in our regions.
The RRRF has a total envelope of $211 million in Quebec and is implemented in collaboration with CED, of which $71.3 million is dedicated to the 67 CFDCs and CAEs.
The 67 CFDCs (Community Futures Development Corporations) and CAEs (Community Business Development Centres) have been working for nearly 40 years to promote the economic development of their communities. The Réseau des SADC et CAE has 1,400 professionals and volunteers who support and fund more than 10,000 entrepreneurs and local economic development projects each year. CFDCs and CAEs offer entrepreneurs personalized and sustained support, as well as flexible financing products adapted to their needs.
CED is a key federal partner in regional economic development in Quebec. Through the Community Futures Program, CED financially supports the CFDC and CAE Network, the 57 CFDCs located in designated rural areas and the 10 CAEs located in peri-urban areas.
For more information :
SADC Pontiac CFDC
Rhonda Perry, General Director
1 613 635-3385