Government of Canada launches Jobs and Growth Fund to create jobs
Thursday, July 15, 2021 10:22:00 AM
- Government of Canada launches Jobs and Growth Fund to create jobs and foster economic activity in Canada's communities.
- Applications can now be submitted for new fund supporting clean, inclusive recovery and long-term economic growth. -
As Canada works to emerge from the COVID-19 pandemic, the vitality of businesses and communities is key to our economic recovery. The Government of Canada has made the commitment to create 1 million jobs. Today's investment aims to support the transition to a green economy, foster an inclusive recovery, enhance competitiveness and create jobs in every corner of the country.
Today, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, announced that businesses and organizations across Canada can now submit applications through the new Jobs and Growth Fund.
RDAs now accepting applications
Delivered by Canada's regional development agencies (RDAs), the new fund provides $700 million to support a regional response and stimulate economic recovery following the COVID-19 crisis by investing in projects that will help to create jobs over the next three years and beyond. This includes up to $70 million dedicated to businesses created after January 2020 that meet eligibility criteria. By investing in job creators, the fund will help them to future-proof, build resiliency and position businesses for a strong recovery by adopting clean technology, increasing diversity, implementing new digital technologies and strengthening capacity in critical sectors.
Businesses and the organizations that support them can now apply. Applications are being accepted on a continuous intake basis until March 31, 2024, or until funding is fully committed. For more information on eligibility criteria and eligible expenses, or to apply to the Jobs and Growth Fund, reach out to your local RDA.
Through this fund and the recently-announced Canada Community Revitalization Fund, Major Festivals and Events Support Initiative and the Tourism Relief Fund, Canada's RDAs continue to be trusted partners, delivering targeted support for economic recovery across Canada.
"By investing in our job creators and the organizations that support them, the Jobs and Growth Fund will help to create quality jobs, pursue inclusive and clean growth opportunities, and empower businesses and communities from coast to coast to coast. Our government has a plan to finish the fight against COVID-19—and ensure a resilient economic recovery that creates good jobs and growth for all Canadians. Today's announcement is an important step forward in getting us there."
- The Honourable Mélanie Joly, Minister of Economic Development and Official Languages
- Eligible recipients include businesses (including co-operatives) and business support organizations, such as not-for-profit organizations, community economic development partners and Indigenous-led organizations and/or businesses.
- Eligible businesses could normally receive interest-free repayable contributions for up to 50 percent of authorized costs. Eligible not-for profit organizations could normally receive non-repayable contributions for up to 90 percent of authorized costs. Indigenous-led organizations and/or businesses may be eligible to receive up to 100 percent of eligible project costs.
- Since the start of COVID-19, Canada's RDAs have been on the ground providing relief and recovery funding to businesses and organizations to help them weather the effects of the pandemic through the $2-billion Regional Relief and Recovery Fund, preserving more than 125,000 jobs.
SOURCE: Innovation, Science and Economic Development Canada