Business Supports in Muskoka & Beyond
We are in a unique time, and as such, we are seeing continual support programs rolled out, and yet keeping up with the updates and news and deciphering technical terms might just seem like too much when kids are asking for more snacks and dogs want cuddles and you’re trying to place an online grocery order (please tell me that’s not just me?!). Honestly, we at Grow know how that feels, and since we have a team of three to count on, we’ve worked together to lay out some of the local supports for your businesses.
Recently, The Federal Government has acknowledged that certain businesses simply do not qualify for any of the programs launched to date. The government is providing $675 million to give financing support to small and medium-sized businesses that are unable to access other COVID-19 business supports, through Canada's Regional Development Agencies. So how do you access these funds and programs?
Business Resilience Service
This new hotline launched May 25, for an expected duration of four weeks. This service seeks to provide advice from Chartered Professional Accountants within Canada, to entrepreneurs and small business owners in Canada. These Advisors will provide customized financial guidance so that small businesses can feel confident they are making the best decisions given their unique circumstances and that they understand any available supports or opportunities during this crisis.
This hotline is available from 8 a.m. to 8 p.m. (ET), seven days a week.
If you would like to access this service, call 1-866-989-1080 (toll-free).
FedNor’s Regional Relief and Recovery Fund
FedNor is the Government of Canada's economic development organization for Northern Ontario. The Regional Relief and Recovery Fund is targeted towards helping incorporated companies, Indigenous organizations, and some Not-for-profit organizations that are based in Northern Ontario. They now have applications open to provide funds to help bridge gaps in financing for local businesses including, but not limited to, commercial rent, equipment rental fees, salaries and benefits etc. These funds are repayable or conditionally repayable with no interest or security position taken, and contributions to not-for-profit organizations are non-repayable.
There is $24 million allocated to this fund, but once the funds are allocated applications will no longer be accepted. Find out more about the application process here.
Muskoka Futures Regional Relief and Recovery Fund
FedNor has partnered with Muskoka Futures, our local Community Futures Development Corporation, to deliver $25.5 million to small businesses and entrepreneurs in our area that are ineligible for other Government funding. Muskoka Futures just opened the application process June 1 - apply online easily, but make sure you give yourself time to answer questions about your business story, and the effect COVID has had on your business.
Innovation Initiatives Ontario North (IION)
This regional innovation centre assists entrepreneurs, start ups and existing businesses develop and scale with the help of strategic partners throughout the province. If COVID has challenged you to do business differently - perhaps youève reinvented your services or created new products and you want to continue to grow in these aspects of you business, contact IION for help. All of their staff are still working during this time and are ready to meet you virtually.
Ontario Collaboration Platform
This online platform has been created to help industrious individuals find resources, experts, and business development managers to move their ideas forward. This platform is focused on ideas and strategies that will be beneficial during the recovery of this crisis.