Today, SREDA launched Phase 1 of its Small Business Emergency Continuity Grant Program designed to support the local economy during these challenging times. The program will provide grants of up to $5,000 to small businesses in the Saskatoon Region that are experiencing significant financial challenges because of the COVID-19 pandemic.
“As our community faces the unprecedented task of limiting the spread of the COVID-19 pandemic, local businesses have been greatly affected,” said Alex Fallon, SREDA President and CEO. “Many are uncertain of how to keep up with overhead costs and remain operational – both now and in the future. SREDA is taking an active role in supporting small businesses to create a base for continued growth once the pandemic slows.”
To be eligible for a grant, businesses must have experienced a substantial downturn in business activity related to the outbreak of COVID-19, resulting in significant financial challenges. They must also:
- Operate in the Saskatoon Region,
- Be a for-profit commercial business,
- Have 10 or fewer employees, including owner(s),
- And have been in business for more than 6 months but less than 5 years.
The program is not currently accepting applications from home-based businesses. Many factors will be considered in evaluating applications, including other income and subsidy sources. Preference will be given to businesses deemed non-allowable by the current Government of Saskatchewan COVID-19 response.
“At a time when local businesses have been forced to adapt to the social distancing economy, the SREDA team also had to pivot to create a new local support,” said Fallon. “While SREDA cares deeply about the success of all businesses in the Saskatoon Region, our funding limits the number of grant applications we will be able to approve. However, at a time of crisis we are taking action to help as many small businesses as we can.”
Applications for Phase 1 of the program open today with a deadline of April 6th at 12:00 p.m.
