$80M tariff-relief fund announced for Atlantic Canadian businesses
From the Springboard Content Lab
Businesses in Atlantic Canada can now apply to the Regional Tariff Response Initiative (RTRI), which is supporting small and medium-sized business enterprises impacted by tariffs.
The RTRI is providing $80 million over three years to support small and medium-sized enterprises (SMEs) in the region impacted by tariffs. It is funded by the Government of Canada and administered by the Atlantic Canada Opportunities Agency.
“Atlantic businesses know how to adapt. With the Regional Tariff Response Initiative now open for applications, we’re supporting the sectors feeling the most pressure so they can manage costs, keep people working, and stay competitive as trade rules evolve. This is about protecting good jobs here at home and building a more resilient regional economy.”
– The Honourable Sean Fraser, P.C., K.C., Member of Parliament for Central Nova, Minister of Justice and Attorney General of Canada and Minister responsible for the Atlantic Canada Opportunities Agency
Who can apply?
Includes those currently eligible under REGI program authorities that are directly or indirectly impacted by the ongoing trade war, including imposed tariffs by the U.S. and China and Canadian counter-tariffs, or are a not-for-profit organization or provincial entity providing support to businesses impacted by the tariffs. Eligible recipients include:
- Incorporated companies, corporations, co-operatives, or individuals operating a business
- Indigenous-owned businesses and organizations
- Non-profit organizations that support businesses
What types of activities are eligible?
Eligible activities are focused on increasing productivity, driving growth and diversifying markets for SMEs and sectors affected by recent tariffs or countermeasures. Examples include:
- Investing in digitization, automation and technology to enhance productivity and competitiveness
- Developing and expanding markets to help SMEs find new customers
- Optimizing global supply chain logistics and ensuring compliance with standards to gain market access and/or enhance sales
- Strengthening domestic supply chains and facilitating internal trade to increase the resilience and competitiveness of SMEs and the reliability of domestic markets
- Reshoring production, research and development operations, and recruiting highly qualified personnel and expertise
Eligible costs may be retroactive up to 12 months before applying, but no earlier than March 21, 2025.
Boosting productivity, cutting costs and building resilient supply chains
This initiative is strengthening the competitiveness of Canadian businesses by helping them boost productivity, cut costs, build more resilient supply chains and reach new markets.
The program is designed to help small to medium sized enterprises across the region respond to trade shocks by supporting projects that improve productivity, diversify markets, strengthen supply chains, and boost domestic trade.
The RTRI is part of a broad set of tariff support measures, including the Large Enterprise Tariff Loan Facility, the Business Development Bank of Canada’s Pivot to Grow initiative, and support for the steel sector through the Strategic Innovation Fund. Together, these efforts demonstrate a commitment to reinforcing Canada’s industrial strength and defending good jobs across the country.
