Expanding funding to support new businesses
Alberta’s government is expanding its relaunch grant to ensure new businesses have access to the supports they need.
To better support Alberta’s small business community through the ongoing public health crisis, the Alberta government is expanding the Small and Medium Enterprise Relaunch Grant to allow new businesses to apply. By expanding applications to businesses that started operating between March 1 and October 31, 2020, up 5,000 more Alberta businesses will be eligible for this funding.
New Alberta businesses impacted by public health orders will need to demonstrate a 30 per cent reduction of revenue using revenue figures from November or December 2020 compared with any prior month between March to October 2020. The payment is 15 per cent of their monthly revenue, for a maximum of $15,000 in funding available for each business.
“We’ve been listening, and new businesses need our support. We’ve already provided funding to more than 40,000 businesses, and we’re opening it up to more.”Doug Schweitzer, Minister of Jobs, Economy and Innovation
The Small and Medium Enterprise Relaunch Grant offers financial assistance to Alberta businesses, cooperatives and non-profit organizations with fewer than 500 employees that faced restrictions or closures from public health orders, and experienced a revenue loss of at least 30 per cent due to the COVID-19 pandemic.
Businesses can use the funding as they see fit to offset the costs they are facing as they relaunch their businesses. This includes the costs of implementing measures to prevent the spread of COVID-19, such as physical barriers, PPE and cleaning supplies, as well as rent, employee wages or replacing inventory. The funds can also be used to help businesses expand their online presence or e-commerce opportunities so that they can continue to serve customers.
The program launched at the end of June with a budget of up to $200 million. To ensure Alberta businesses have access to the supports they need, the budget was increased to $500 million. More program details will be outlined on the program web page when finalized. Applications will be open until March 31, 2021, unless otherwise communicated.
Alberta’s Recovery Plan is a bold, ambitious long-term strategy to build, diversify, and create tens of thousands of jobs now. By building schools, roads and other core infrastructure we are benefiting our communities. By diversifying our economy and attracting investment with Canada’s most competitive tax environment, we are putting Alberta on a path for a generation of growth.
- Any new company that meets the 30 per cent threshold will be able to apply for the grant starting February 4, 2021.
- Small businesses that may be eligible under the new rules should wait until February 4 to apply, to avoid being deemed ineligible.
- Additional supports for businesses are available through the Federal Government
- Small and medium-sized businesses represent 99.8% of all job creators in Alberta, employing more than 500,000 Albertans.