Businesses across Western Canada are expected to get a shot in the arm today as the federal government spreads $95 million in relief funding across more than 1,760 companies.
Most of the funding, in the form of interest-free loans up to $40,000, and up to $1 million in funding to cope with financial hardship resulting from COVID-19, will support businesses with fewer than 100 employees.
“Businesses in Western Canada have felt the impact of COVID-19 first-hand. This is why we are working with entrepreneurs to rebuild our economy and help get Canadians back to work,” said Minister of Economic Development Mélanie Joly.
In a statement, Joly said the measures will result in 6,800 jobs being protected between Victoria and Winnipeg.
“Our message is clear: we’re been here for you with immediate measures, we’re here for you now as our economy reopens and we’ll get through this, together,” she said. “We’re working with you to support good, local jobs and help Western Canada’s economy come back strong.”
The money, supplied by Western Economic Diversification Canada, is part of the $962-million Regional Relief and Recovery Fund. Launched in May, the fund was designed to support businesses who were unable to access any other federal pandemic relief measures and were in danger of falling through the cracks.
Details on Victoria firms that will receive the funding were not available Monday.
Burnaby-based Acuva Technologies, which specializes in water-disinfection technology, will use the funding it received to research new products for air and surface disinfection.
The company’s chief executive, Manoj Singh, contracted COVID-19 and has since recovered.
“It is reassuring to see the government of Canada providing such amazing support to businesses, including ours,” said Singh. “The funding helped Acuva to not only maintain operations but also to expand them, including the opening of our very first international office in Germany.
“This assistance will help us scale up the export of a true Canadian technology to the European market and provide better support to our global customers.”
Joly is also expected to announce today a $2.95-million boost for B.C.’s high-tech sector. She suggested the fund could help as many as 2,500 tech businesses in the province and help maintain 1,000 jobs.
The money will support companies through the B.C. Technology Sector Resiliency Program, developed by Innovate B.C., by expanding advisory services and resources across the province.
“This federal funding will enable Innovate B.C. and our network of provincial partners to provide direct support to local businesses that are dealing with the economic fallout of COVID-19,” said Raghwa Gopal, chief executive of Innovate B.C. “Through this program, B.C. businesses will get access to training, mentorship, and advisory services that will maintain jobs and ensure that companies across the province are set up for resiliency and success.”
The money will also expand the Digital Economic Response program developed by the Innovation Island Technology Association in Nanaimo.
That program, being expanded around B.C., offered one-to-one business and technical expertise for companies hoping to improve their digital capacity. This new funding is designed to help companies transition to the digital economy or expand their digital footprint, and give them the tools they need to respond to physical restrictions and expand to new markets.
“Innovative companies are the engines of our future growth,” said Joly. “This investment is a vote of confidence in the future of B.C.’s technology sector.”
