For immediate release
REGIONAL RELIEF AND RECOVERY FUND (RRRF)
The SADCs and CAEs of Estrie have made the difference and are obtaining an additional $2.1 million to help small businesses.
East-Angus, November 5, 2020 – As part of a flash virtual meeting between Élisabeth Brière, Parliamentary Secretary to the Minister of Economic Development and Official Languages, the Honorable Marie-Claude Bibeau, Minister of Agriculture and Lyne Bessette, Member of Parliament for Brome-Missisquoi, the SADCs and CAEs of Estrie unveil the results of the first phase of the FARR-PDC.
Set up by the Government of Canada in collaboration with the Réseau des SADC et CAE, the RRRF-CF has helped small businesses in the regions, affected by COVID-19, which were not eligible for other programs of the government. For Estrie, from June 1 to August 31, $5,706,579 was quickly paid to 277 businesses and 17 group projects.
With the current situation changing rapidly and faced with this efficient delivery of the RRRF by the CFDCs, Parliamentary Secretary Élisabeth Brière is today announcing additional investments from the Government of Canada of $2.1 million to the SADCs and CAEs in this region. More specifically, the Haut-St-François, Coaticook, Lac Mégantic and des Sources SADCs and the Memphrémagog and Val-St-François CAEs will each be able to count on $352,039 from Canada Economic Development for Quebec Regions (CED). The additional financial support granted under the FARR 2.0 will help more specifically the companies most affected by the current crisis.
“Our professionals and volunteer administrators have worked with agility to quickly help entrepreneurs and our communities to cope with the consequences of COVID-19,” said Richard Tanguay, Chair of SADC Haut-St-François. “I am very pleased with this additional support from the federal government, which will allow us to continue our efforts. This additional support is necessary and I would like to thank Parliamentary Secretary Élisabeth Brière and Minister Marie-Claude Bibeau for listening. I would also like to thank Canada Economic Development for Quebec Regions for the rapid implementation of this effective measure. We are all working together so that entrepreneurs remain confident,” added Richard Tanguay.
“When the holiday camps were announced to be closed until the summer of 2021 last May, we were demoralized,” said Marc Daigle, from Au Camp Bivouac in the Canton of Stanstead. “We sought help and CAE Memphrémagog accompanied us with the FARR fund. We had to be resilient and agile. We have reviewed all of our fixed costs, trying to reduce them to the strict minimum. My spouse had to go back to the job market full time and I moved to northern Quebec during the summer to support SOPFEU,” said Marc Daigle. “We are now on the lookout for everyone the programs that will be able to support us more and we are especially anxious to be able to possibly communicate good news to the organizations which used to come to stay at the camp.”
“SMEs provide good jobs to thousands of workers across all of Quebec’s regions. We must continue to ensure that they have the resources they need to pursue their activities and overcome the crisis. In recent months, SADCs and CAEs have demonstrated once again the crucial role they play: their local services, expertise and vibrancy have enabled thousands of entrepreneurs to better equip themselves for the economic recovery. I am proud that CED has reiterated its confidence in SADCs and CAEs as they help us get through these difficult times.”
Élisabeth Brière, Parliamentary Secretary to the Minister of Economic Development and Official Languages responsible for CED
With this new investment, we are giving our small businesses concrete help to equip themselves to rebound after the health crisis. As we quadruple their funds, our SADCs and CAEs are seeing their capitalization increase significantly for the coming years.”
The Honourable Marie-Claude Bibeau, Member of Parliament for Compton‒Stanstead and Minister of Agriculture and Agri-Food
Now more than ever, it is primordial to ensure a sustainable economic recovery in our regions. During this difficult time, SADCs and CAEs have positioned themselves as key players to mobilize the business community and enterprises in Estrie and Montérégie. They have thus been able to help a large number of SMEs overcome the crisis and operate in a new business environment. I am delighted that their expertise is once again being called on to support entrepreneurs in our community.”
Lyne Bessette, Member of Parliament for Brome-Missisquoi
For more information, entrepreneurs are invited to contact their SADC or CAE. To find the SADC or CAE in your region: sadc-cae.ca
Remember that these regional investments follow the announcement made on October 2 by the Honorable Mélanie Joly, of the addition of $600 million for all of Canada, including $23.3 million for the CFDCs and CAEs of Quebec.
FARR RESULTS FOR ALL OF QUEBEC from June 1 to August 31, 2020
- $71.3 million invested, including $ 65 million in loans and $ 6.3 million for technical assistance and local economic development projects;
- 2,106 companies obtained financing from the FARR;
- 1,346 technical assistance interventions were carried out, such as support to experts in the integration of technologies, transactional websites, delivery services, etc.;
- More than 180 economic development projects have made it possible to set up local purchasing campaigns, sites to promote products and services offered to consumers in their region or even training or information meetings for entrepreneurs;
- 52% of the companies financed were owned by women entrepreneurs;
- 91% of the businesses affected had received no other assistance from the various measures put in place by the federal government;
- The three main sectors of activity of the financed companies are local services tourism and retail businesses.
ABOUT THE SADC AND CAE NETWORK
The 67 CFDCs (Community Development Assistance Corporations) and CAEs (Business Assistance Centers) have been working for nearly 40 years in the economic development of their communities. The SADC and CAE network has more than 1,000 professionals and volunteers who support and finance more than 10,000 entrepreneurs and local economic development projects each year. SADCs and CAEs offer entrepreneurs personalized and sustained support, as well as flexible financing products adapted to their needs.