About the Regional Relief and Recovery Fund (RRRF): CanNor
In recognition of the continuing impacts of COVID-19 on Tourism and related industries in the territories, CanNor is offering to extend financial support beyond July 31, 2020, to current eligible recipients of the NBRF program. The funding extension is based on demonstrated need and would provide funding up to a maximum of $100,000 or up to March 31, 2021, whichever comes first.
This extended support is intended primarily for businesses operating in Tourism, Accommodations and Food Services, as well as Arts, Entertainment/Recreation, Transportation and Retail sectors. Businesses in other sectors may be considered on a case-by-case basis.
All other requirements outlined in the NBRF Guidelines must still be met to be eligible for the funding extension. Current NBRF recipients in these sectors are encouraged to contact their CanNor Regional Office to discuss funding extension options.
CanNor is working closely with territorial governments and Indigenous organizations across the territories – Yukon, Northwest Territories and Nunavut – to provide support for small- and medium-sized northern businesses impacted by economic disruptions due to COVID-19.
The Regional Relief and Recovery Fund (RRRF) is a financial support initiative implemented by the six regional development agencies. In the territories, the Fund provides targeted relief and stabilization support in key sectors including, but not limited to, tourism, fisheries, the mining supply chain, local food production and processing, regional innovation ecosystems and community infrastructure, as well as support to Community Futures Networks in Nunavut and Northwest Territories and relevant stakeholders in Yukon. Through the RRRF, CanNor has an additional $34.3 million to add to its ongoing funds this year.
How it works
In order to ensure maximum benefit and impact for Northern businesses and communities, CanNor will distribute its RRRF funding in three ways:
Increasing the level of funding available for immediate relief through CanNor’s Northern Business Relief Fund (NBRF)
Since its launch on April 20, CanNor’s NBRF has already helped many Northern SMEs get immediate relief for fixed operating costs incurred since the COVID-19 pandemic began. The fund provides up to $100,000 for SMEs impacted by COVID-19.
Now, with the availability of new funding for NBRF, CanNor is expanding eligibility for the program to all Northern businesses with 100 employees or less. SMEs requiring immediate financial support are encouraged to apply by visiting the Northern Business Relief Fund page today.
Targeted relief and stabilization measures for key sectors
In recognition of the particularly severe impacts of COVID-19 on certain key sectors of the northern economy such as tourism, the mining supply chain, fisheries and others, CanNor will be working directly with industry businesses and stakeholders to identify and provide targeted relief and stabilization support for these sectors.
This new stream of funding will also allow CanNor to provide support to not-for-profit organizations that play a key role in the Northern business ecosystem.
For further information on this funding stream, or to determine whether your business or organization qualifies, please contact your CanNor Office.
Offering a greater range of financing options to Northern SMEs through support to the Community Futures Network
CanNor is working in collaboration with the territorial governments to deliver funding to the Community Futures Network in Nunavut and NWT and relevant stakeholders in Yukon. The Governments of Nunavut and the Northwest Territories will be responsible for distributing loan and operating funds to eligible Community Futures Organizations in their respective territories, and the Government of Yukon will collaborate with relevant stakeholders to distribute the funds. This funding provides new, alternative financing options to Northern SMEs affected by COVID-19. Recognizing the increased cost of doing business in the territories, eligible businesses can access loans of up to a maximum of $100,000.
If you operate a business and are interested in the loan program, please contact the Community Futures Organization located in your community or region of operation:
Baffin Business Development Corporation
Toll free: 1-800-263-2232
Valerie Kosmenko, email: email@example.com
Kitikmeot Community Futures Incorporation
Toll Free: 1-888-886-0260
Marg Epp, email: firstname.lastname@example.org
Kivalliq Business Development Centre
Mark MacNeil, email: email@example.com
Thebacha Business Development Services
Linda Martin, email: firstname.lastname@example.org
Akaitcho Business Development Corporation
Blair Whenham, email: email@example.com
Southwest Territorial Business Development Corporation
Jeff Griffiths, email: firstname.lastname@example.org
DehCho Busines Development Corporation
Todd Noseworthy, email: email@example.com
Sahtu Business Development Centre
Kylie Frank, email: firstname.lastname@example.org
Western Arctic Business Development Corporation
Arthur Barrows, email: email@example.com
Specific contact information will be added here, when available.
Nunavut Regional Office
Northwest Territories Regional Office
Yukon Regional Office