For immediate release
REGIONAL RELIEF AND RECOVERY FUND (RRRF)
$ 6.3 M NOW AVAILABLE FOR SMALL BUSINESSES OF ESTRIE
Coaticook, June 10, 2020 - The Covid-19 pandemic affects several companies. Entrepreneurs need more support than ever to get through this extremely difficult time and plan for recovery. The SADC des Sources, du Haut-Saint-François, de la région de Coaticook, de la région de Mégantic and the CAE Memphrémagog and Val-Saint-François receive $ 6.3 million from Canada Economic Development for Quebec Regions (CED) in the framework of the Regional Relief and Recovery Fund (RRRF). This financial contribution will help businesses that have not so far been unable to benefit from the support of the federal government. Each SADC will therefore receive an amount of $ 1,059,691.
Entrepreneurs are invited to make a request to their SADC or CAE. To verify their eligibility for the RRRF and find their regional SADC or CAE: sadc-cae.ca
MORE THAN FINANCING
The assistance granted by the SADCs and CAEs can be in the form of working capital of up to $ 40,000 or even in the form of a non-repayable financial contribution for technical assistance needs such as expertise specialized in key areas currently with our clienteles such as adapting to health measures, developing a financial continuity plan to prepare for the future or even the adoption of technologies for online commerce.
The SADCs or CAEs may also carry out or collaborate on local economic development initiatives such as training for businesses, promotion of local purchasing, downtown revitalization operations and advertising campaigns.
"These investments are awaited in the community and the SADCs and CAEs will make sure to deliver this aid quickly over the next few weeks so that we can meet the urgent needs of our clienteles. The RRRF is a concrete solution and I sincerely thank the Honorable Mélanie Joly, the Hounourable Marie-Claude Bibeau as well as Lyne Bessette, for their listening and their contribution in implementing this measure. I also salute the dedication and creativity shown by the entrepreneurs of our region in coping with this crisis. The FARR is an additional support to allow businesses to remain operational. "
Daniel Dumas, president at the SADC des Sources and president on the board of directors of the Réseau des SADC et CAE.
“Canada Economic Development for Quebec Regions can count on the SADCs’ and CAEs’ collaboration in delivering the Regional Relief and Recovery Fund; with their local services, expertise and dynamism, they will be able to help entrepreneurs overcome COVID-19-related challenges. Together, we will get through this difficult period; let’s roll up our sleeves to kick-start our regions’ economies!”
The Honourable Mélanie Joly, Member of Parliament for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages and Minister responsible for CED
“I am proud that the federal government has been helping to improve quality of life in our regions for 50 years now through the CFDC and BDC network. Through the new Regional Relief and Recovery Fund, quality professional accompaniment and the consequent funding will be more useful than ever for our tourism entrepreneurs, our start-ups and our smallest businesses. By supporting our SMEs during this time of a pandemic, we are also meeting our citizens’ essential needs.”
The Honourable Marie-Claude Bibeau, Member of Parliament for Compton‒Stanstead and Minister of Agriculture and Agri-Food
“The funding granted to the CFDCs and BDCs is excellent news for Brome-Missisquoi businesses facing this extremely difficult period. This support will enable SMEs affected by COVID-19 and unable to access other federal support measures to obtain financial assistance that will help them remain operational.”
Lyne Bessette, Member of Parliament for Brome‒Missisquoi
• The FARR has a total envelope of $ 211 million in Quebec and is implemented in collaboration with CED, of which $ 71.3 million is dedicated to 67 SADCs and CAEs.
• The 67 SADC (Community Futures Development Corporations) and CAE (Community Business Development Corporations) have been working for almost 40 years in the economic development of their community. The SADC and CAE Network has 1,400 professionals and volunteers who support and finance more than 10,000 entrepreneurs and local economic development projects each year. The SADCs and CAEs offer entrepreneurs personalized and sustained support and flexible financing products adapted to their needs. www.sadc-cae.ca
• CED is a key federal partner in regional economic development in Quebec. Through the Community Futures Program, CED financially supports the Réseau des SADC et CAE, the 57 SADCs, located in designated rural areas, and the 10 CAEs, located in peri-urban areas.
Joanne Beaudin, General direction
SADC région de Coaticook