FedDev Ontario’s Regional Relief and Recovery Fund protects more than 1,600 jobs in Hamilton and Niagara regions
Canada’s COVID-19 Economic Response Plan has helped to protect millions of jobs, provide emergency support to families and keep businesses afloat as they deal with the impact of COVID-19.
January 12, 2021 – Hamilton, Ontario
Canada’s COVID-19 Economic Response Plan has helped to protect millions of jobs, provide emergency support to families and keep businesses afloat as they deal with the impact of COVID-19. A central part of this is the Regional Relief and Recovery Fund (RRRF), which provides liquidity support to businesses and not-for-profit organizations affected by COVID-19 that are unable to access other federal relief measures or require additional support.
Over the course of the COVID-19 pandemic, FedDev Ontario has provided critical support for thousands of southern Ontario businesses and other organizations, helping them continue operations, protect jobs, cover costs and play a role in our economic recovery. Recognizing the pandemic’s continued strain on local economies, FedDev Ontario is delivering $184 million in additional funding in southern Ontario, and has extended and expanded eligibility criteria to help those still in need of support.
Protecting local jobs and supporting businesses in Hamilton and Niagara
Today, the Honourable Filomena Tassi, Minister of Labour and Member of Parliament for Hamilton West-Ancaster-Dundas, on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario, announced that 111 businesses and organizations in the Hamilton and Niagara regions received a total of $16.4 million in combined RRRF funding, protecting more than 1,600 jobs in the area in 2020. This funding has supported the immediate needs of a broad range of businesses, from manufacturers, agri-businesses and tourism operators, to main street businesses such as retail shops and restaurants.
For example, Ancaster-based Spring Valley Corp., founded in 2015, is a manufacturer of high-quality architectural concrete products for the building industry. Due to COVID-19, many construction projects were postponed and, in some cases, cancelled. The company experienced significant financial impacts and had to temporarily lay off its workers. Funding through RRRF helped support overhead costs and allowed the company to recall employees to restart manufacturing.
In a region that welcomes about 14 million tourists annually, Niagara has taken a significant hit due to the closures and travel restrictions resulting from COVID-19. Niagara-on-the-Lake manufacturer of high-quality fishing lures and tackle, Koppers Fishing and Tackle Corp., received assistance through RRRF to cover its fixed operating costs when revenues rapidly declined due to the drop in tourism, cancellation of trade shows and import and export challenges.