23.3 M$ more to help small businesses to cope with COVID-19
Quebec City, October 2, 2020 - The Réseau des SADC et CAE is delighted with today's announcement by the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, of the addition of 600 M$, including 23.3 M$ for Quebec's SADCs and CAEs, to the Fonds d'aide et de relance régionale (FARR).
According to Vallier Daigle, President of the Réseau des SADC et CAE, "We are currently working very hard to help entrepreneurs and our communities cope with the consequences of COVID-19, and we are very pleased with this additional support from the federal government, which will help us continue to offer the necessary financing and technical assistance to our communities. This health crisis requires rapid, targeted action, and we know that the FARR is having a positive impact on the 4,203 local businesses that have benefited to date."
"I'd like to thank the Honourable Mélanie Joly and Canada Economic Development for Quebec Regions (CED) for their attentiveness and for putting in place this effective measure that responds very precisely to the needs of businesses and communities. I'd also like to thank the more than 1,000 professionals and volunteers at CFDCs and BDCs. We're all working together to keep entrepreneurs confident," added Mr. Daigle.
"Businesses of all sizes were hit hard by COVID-19, and the Regional Relief and Recovery Fund is there for them, protecting thousands of jobs across the country. Now that the second wave has begun, we've heard loud and clear that additional support is needed. That's why we're announcing a supplement to the RRSF to help even more Canadians. Our message is clear: we've been there for you with important measures, we're here for you now, and we're going to get through this, together. We're working with you to support good local jobs and help our economy come back strong."
–The Honourable Mélanie Joly, MNA for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages
According to Jane-Anne Cormier, owner of Les Vagues in Havre Saint-Pierre, the FARR made all the difference to her business, and she is very grateful to the SADC Côte-Nord: "The SADC believed in our project right from the start, when many did not. They financed our start-up, even though there was a lot of risk involved since I'm a young woman with no business experience. What's more, our small business is seasonal, located in a remote region, and its operations depend on the weather. The SADC continued to believe in us this summer and granted us emergency assistance, while many others refused. Thank you, your work makes a difference. Without you, Les Vagues wouldn't be such a success today!"
TO FIND OUT MORE ABOUT FARR: WWW.SADC-CAE.CA
RESULTS IN BRIEF FROM FARR 1er June to August 31, 2020
- 71.3 M$ invested, of which 65 M$ to businesses and 6.3 M$ for local economic development projects;
- 2,106 companies received funding from the FARR;
- 2,097 technical assistance interventions were carried out, such as expert support in technology integration, transactional websites, delivery services, etc;
- More than 175 economic development projects have resulted in local purchasing campaigns, websites promoting products and services offered to consumers in their region, and training and information events for entrepreneurs;
- 52 % of businesses financed were owned by women entrepreneurs;
- 91 % of the companies affected had received no other assistance from the various measures put in place by the federal government;
- The three main sectors of activity for the companies financed are local services, tourism and retail.
ABOUT THE SADC AND CAE NETWORK
The 67 CFDCs (Community Futures Development Corporations) and BDCs (Business Development Centres) have been working for nearly 40 years on the economic development of their communities. Visit Réseau des SADC et CAE has over 1,000 professionals and volunteers who support and finance over 10,000 entrepreneurs and local economic development projects every year. CFDCs and CBDCs offer entrepreneurs personalized, ongoing support, as well as flexible financing products tailored to their needs.
For further information, please contact
Christine Pilote, Director of Communications, 581 999-6363