The Canadian Northern Economic Development Agency, or CanNor, says it is offering further financial support to small and medium-sized northern businesses impacted by tariffs.
Last Friday, the federal government announced that it was expanding the Regional Tariff Response Initiative, or RTRI, to offer $1 billion over three years to help businesses across the country adapt to longer-term trade volatility.
Initially launched in March with $450 million, the federal fund is part of Canada’s efforts to support Canadian businesses and workers impacted by US and Chinese tariffs.
Announcements were subsequently made on Monday by regional development agencies, including CanNor, which are responsible for delivering the RTRI.
In a news release, Rebecca Chartrand, the minister responsible for CanNor, said the expanded initiative would support northern businesses and non-governmental organizations that support businesses affected by tariffs to “improve productivity, expand and diversify export markets, strengthen supply chains and boost domestic trade within Canada.”
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“Businesses in the territories already navigate the unique challenges and high costs of operating in northern environments,” she was quoted as saying. “The Regional Tariff Response Initiative will help them expand, diversify and optimize in the face of recent trade actions to continue serving communities in Nunavut, the Northwest Territories and the Yukon.”
Erika Lashbrook Knutson, a spokesperson for Chartrand’s office, told Cabin Radio that CanNor would recieve approximately $5 million to deliver the iniative in the territory over three years beginning in the 2025-26 fiscal year.
Applicants must show that at least 25-percent of their sales are to the US or China and that they have been directly or indirectly impacted by ongoing trade disruptions, including US and Chinese tariffs or Canadian countermeasures.
Activities eligible for funding include those that boost productivity, drive growth and diversify markets such as investing in digitization or developing and expanding markets.
To apply for RTRI funding or get more information on the initiative, businesses are encouraged to contact [email protected].
