Businesses across Western sa国际传媒 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.
鈥淏usinesses in Western sa国际传媒 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,鈥� said Minister of Economic Development M茅lanie Joly.
In a statement, Joly said the measures will result in 6,800 jobs being protected between Victoria and Winnipeg.
鈥淥ur message is clear: we鈥檙e been here for you with immediate measures, we鈥檙e here for you now as our economy reopens and we鈥檒l get through this, together,鈥� she said. 鈥淲e鈥檙e working with you to support good, local jobs and help Western sa国际传媒鈥檚 economy come back strong.鈥�
The money, supplied by Western Economic Diversification sa国际传媒, 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鈥檚 chief executive, Manoj Singh, contracted COVID-19 and has since recovered.
鈥淚t is reassuring to see the government of sa国际传媒 providing such amazing support to businesses, including ours,鈥� said Singh. 鈥淭he funding helped Acuva to not only maintain operations but also to expand them, including the opening of our very first international office in Germany.
鈥淭his 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.鈥�
Joly is also expected to announce today a $2.95-million boost for sa国际传媒鈥檚 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 sa国际传媒 Technology Sector Resiliency Program, developed by Innovate sa国际传媒, by expanding advisory services and resources across the province.
鈥淭his federal funding will enable Innovate sa国际传媒 and our network of provincial partners to provide direct support to local businesses that are dealing with the economic fallout of COVID-19,鈥� said Raghwa Gopal, chief executive of Innovate sa国际传媒 鈥淭hrough this program, sa国际传媒 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.鈥�
The money will also expand the Digital Economic Response program developed by the Innovation Island Technology Association in Nanaimo.
That program, being expanded around sa国际传媒, 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.
鈥淚nnovative companies are the engines of our future growth,鈥� said Joly. 鈥淭his investment is a vote of confidence in the future of sa国际传媒鈥檚 technology sector.鈥�
