Sheehan discusses actions being taken to support Northern Ontario businesses

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Photo, from left: Minister of Economic Development and Official Languages Melanie Joly and Parliamentary Secretary for Fednor and Official Languages and MP for Sault Ste. Marie Terry Sheehan

The Minister of Economic Development and Official Languages Melanie Joly and Parliamentary Secretary for Fednor and Official Languages Terry Sheehan hosted a teleconference with a number of Northern Ontario Chamber of Commerce, Federation of Northern Municipalities of Ontario (FONOM), Northwestern Ontario Municipal Association (NOMA), Association francaise des municipalities de l’Ontario (AFMO), Community Futures of Ontario and Fednor to discuss the Government of Canada’s actions taken recently to support Northern Ontario.

Discussions included the action to help Canadian businesses and organizations keep their doors open, keep their employees on the payroll, and recover quickly when Canada bounces back from this crisis.

“Our Government will continue to work with all partners in Northern Ontario through several avenues including our Regional Development Agency Fednor. I would like to thank Minister Joly for her relentless work in Economic Development. We will continue to have your backs.” – Terry Sheehan, Parliamentary Secretary Fednor and Official Languages

Prime Minister Justin Trudeau announced new actions to protect Canadian jobs and provide more support to businesses and organizations dealing with the economic impacts of COVID-19. The targeted measures include:

  • $675 million to give financing support to small and medium-sized businesses that are unable to access the government’s existing COVID-19 support measures, through Canada’s Regional Development Agencies.
  • $287 million to support rural businesses and communities, including by providing them with much-needed access to capital through the Community Futures Network.
  • $500 million to establish a COVID-19 Emergency Support Fund for Cultural, Heritage and Sport Organizations to help address the financial needs of affected organizations within these sectors so they can continue to support artists and athletes. This measure is consistent with the government’s other existing COVID-19 support measures for wages and fixed costs for organizations.
  • $250 million to assist innovative, early-stage companies that are unable to access existing COVID-19 business support, through the National Research Council of Canada’s Industrial Research Assistance Program.
  • $20.1 million in support for Futurpreneur Canada to continue to support young entrepreneurs across Canada who are facing challenges due to COVID-19. The funding will allow Futurpreneur Canada to provide payment relief for its clients for up to 12 months.

These measures are part of the Government of Canada’s comprehensive economic plan to help Canadians and businesses through this period of uncertainty. We will continue to monitor this evolving situation closely, and take additional actions as needed to protect our health and safety and stabilize the economy.

Minister Joly and Parliamentary Secretary Terry Sheehan have asked the Northern Ontario Chamber of Commerce to organize a Zoom Conference in the very near future to continue our collaborative work.

 

Quick Facts
  • Canada’s Regional Development Agencies help businesses and innovators grow and succeed. They focus on advancing and diversifying regional economies and helping communities thrive.
  • There are six Regional Development Agencies across the country: the Canadian Northern Economic Development Agency, Western Economic Diversification Canada, FedNor, FedDev Ontario, Canada Economic Development for Quebec Regions, and the Atlantic Canada Opportunities Agency.
  • The Community Futures Program is a community-driven, economic development program designed to help communities in Canada’s rural areas develop and implement strategies to deal with a changing economic environment.
  • The COVID-19 Emergency Support Fund for Cultural, Heritage and Sport Organizations will provide $500 million to help address the financial needs of affected organizations within these sectors. The Fund will be administered by Canadian Heritage with the support of its partners.
  • The National Research Council of Canada’s Industrial Research Assistance Program provides advice, connections, and funding to help Canadian small and medium-sized businesses increase their innovation capacity and take their ideas to market.

The Government of Canada will provide funding to clean up orphan and/or inactive oil and gas wells, including:

  • up to $1 billion to the Government of Alberta
  • up to $400 million to the Government of Saskatchewan
  • up to $120 million to the Government of British Columbia
  • $200 million to the Alberta Orphan Well Association. The Association will fully repay this amount.

On March 13, 2020 the Government of Canada announced $65 billion in additional support to businesses through a new Business Credit Availability Program. Under the program, Export Development Canada and the Business Development Bank of Canada are providing direct lending and other types of financial support at market rates to viable businesses and organizations whose access to financing would otherwise be restricted.

Canada’s COVID-19 Economic Response Plan: New Support to Protect Canadian Jobs

 

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