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
With the support and collaboration of territorial governments, CanNor is working with the Community Futures Network in Nunavut and NWT and relevant stakeholders in Yukon in order to provide new, alternative financing options to Northern SMEs affected by COVID-19. More information on this particular funding stream will be available soon.
Nunavut Regional Office
Northwest Territories Regional Office
Yukon Regional Office