City unveils Economic Recovery Program to support local businesses
The City of Edmonton announced the Economic Recovery Program to assist businesses in their relaunch and support the ongoing recovery of the local economy.
“Businesses are a vital part of our community and now they are facing significant challenges due to COVID-19,” said Stephanie McCabe, Deputy City Manager of Urban Form and Corporate Strategic Development. “The Economic Recovery Program is a result of ongoing conversations we’ve had with the business community to help them adjust to the challenges imposed by the pandemic.”
The program builds on the City’s current business support and aligns with programs offered by other orders of government and local agencies. It consists of five tools:
- Option to reduce business licence fee payment by 50 per cent (upon request) until December 31, 2020
- The Edmonton Economic Recovery Grant
- Continued One-on-One Support Program
- Process improvements and red tape reduction
- Nimble responses to specific business needs for relaunch and recovery
The Edmonton Economic Recovery Grant is a new, two-phased funding program designed to support businesses in the initial relaunch and through the recovery phase as further COVID-19 effects on business are identified.
The funds will be delivered through two streams: the City stream and the Business Association stream.
The City stream will provide matching grants of a maximum of $25,000 per grant to applicants struggling to re-open or pivot their business as a result of COVID-19. The Business Association stream will provide up to $75,000 per grant to applicants who deliver projects or programs that directly support the grant program criteria.
More information on the five tools as well as the grant program’s criteria and application process will be available at edmonton.ca/businessinfo after June 8, 2020. The Edmonton Economic Recovery Grant’s first phase of funding to support reopening businesses is anticipated to begin in mid June, followed by the second phase starting January 2021.
The Economic Recovery Program is part of the City’s ongoing work to support Edmonton’s economic recovery, contribute to the community’s vitality and prosperity and drive local job creation.
For more information:edmonton.ca/businessinfo