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New relief initiative announced for businesses

Businesses impacted by recent public health measures can now receive extra funding by applying to the new Business Development Program Fund Aftercare Relief.

The Aftercare Relief will provide up to $2,500 for businesses in level 1 communities (Fort Smith, Hay River, Inuvik, and Yellowknife) and up to $3,500 for businesses in level 2 communities (all other communities).

The total amount of funding available for this initiative is $100,000 and will remain in effect until March 31, 2022, as long as the public health measures are in place or until the allocated funding is spent.

Minister Responsible for the Business Development and Investment Corporation Caroline Wawzonek, says the relief will help to create new and maintain existing employment with businesses being able to adapt to changing operational needs.

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“This short-term funding will also support businesses’ efforts to create new revenue streams and reduce costs,” she adds.

In addition, Wawzonek says the relief can support businesses with planning and/or providing financial training related to improving business sustainability including undertaking relief/recovery measures and continuity plans.

“We acknowledge the enormous contributions that small and medium-sized businesses make to our communities every single day and remain committed to supporting them during these challenging times,” she adds.

Wawzonek says the one-time contribution from the relief would be in addition to, and exempt from, the lifetime maximums of $3,000 and $5,000 (for level 1 and 2 communities) under the already existing BDPF Aftercare program.

Businesses can learn more about this initiative on the BDIC website.

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