EDMONTON—The City of Edmonton has announced an Economic Recovery Program to assist businesses relaunching after the economy closed down due to COVID-19.
“Businesses are a vital part of our community and now they are facing significant challenges due to COVID-19. 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,” said Stephanie McCabe, City of Edmonton deputy city manager of urban form and corporate strategic development, in a statement.
The Edmonton Economic Recovery Grant is a new two-phased funding program designed to support business during the initial relaunch phase and through the recovery phase as ongoing effects of COVID-19 on businesses are pinpointed.
The program builds on the city’s existing business support and aligns with programs offered by other levels of government and local agencies using an option to reduce business license fee payments by 50 per cent (upon request) until Dec. 31, 2020. The Edmonton Economic Recovery Grant, the Continued One-on-One Support Program, process improvements and red tape reduction are “nimble responses to specific business needs for relaunch and recovery,” a government release stated.
Funds will be distributed through the city stream and will provide matching grants of a maximum of $25,000 per grant to applicants reopening or pivoting their businesses in response to COVID-19. A 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.
Further information on the new tools, along with grant criteria and application process information, will be available at edmonton.ca/businessinfo after June 8.
The Edmonton Economic Recovery Grant’s first phase of funding is anticipated to begin in mid-June followed by the second phase starting January 2021.