Today, Councillor Alejandra Bravo (Davenport), Chair of the Economic and Community Development Committee and Councillor Shelley Carroll (Don Valley North), Mayor’s Champion of Economic Development & Culture announced $3.3 million will soon be made available to Toronto’s small business community as part of the Main Street Recovery and Rebuild Initiative (MRRI).
The $3.3 million in funding is made up of:
These MRRI programs have supported more than 325 local projects and delivered over $9.4 million in funding and grants to local small businesses, not-for-profits and BIAs since 2021. To date, MRRI has committed funding to support 664 entrepreneurs, small businesses and 113 community and business organizations.
Funded by the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), MRRI is improving the well-being and vibrancy of Toronto’s main streets. Success stories are available on the City’s website.
About the Main Street Innovation Fund
MRRI provides funding to BIAs and not-for-profit organizations that support the local business community. The program supports creative solutions to local main street business challenges that can often be replicated in other communities and by other organizations, extending their impact.
Depending on the scale, projects approved for funding under the MIF program will receive non-repayable contributions of up to $25,000 or $50,000 and a select number of larger, long-term MIF initiatives may receive up to $100,000.
Applications are open until December 14. Visit the City’s Main Street Innovation Fund website for more details.
About the Transit Expansion Construction Mitigation Grant Program
The CMGP will open for applications on January 4, 2024, with up to $700,000 in funding available. This program provides funding to BIAs and business associations for community-driven initiatives that mitigate the impacts of construction on local businesses. More information about the CMGP is available on the City’s website.
About the Commercial Space Rehabilitation Grant Program
The CSRG Program matches funding up to 50 per cent to commercial business operators and owners of storefronts that are vacant or at risk of becoming vacant to undertake interior improvements – including upgrades to meet health regulations and Accessibility for Ontarians with Disabilities Act (AODA) compliance.
The maximum grant available is $20,000, with further funding of up to $4,000 for upgrades that meet accessibility standards, for a total maximum funding contribution of $24,000. Additional funding of $20,000 ($4,000 per additional unit for up to five units) is available for multi-unit properties. Applications are open from December 4 to March 7, 2024. More details are available on the City’s website.
About Government Support for MRRI
To help small businesses in Toronto recover from the impacts of the pandemic, the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), is providing up to $18 million for seven inclusive and sustainable economic recovery projects. More information can be found on FedDev Ontario’s website: https://feddev-ontario.canada.ca/en and the City’s website.
Additional ongoing support for small businesses is available through the resources listed on the City’s website.
These include:
Businesses are also encouraged to actively engage with services offered by local BIAs.
Quotes:
“Small businesses are critical to the livelihood of the city. I encourage Toronto residents to continue supporting local businesses and local businesses to check out the City supports available to them. A big thank you to the Government of Canada, through the Federal Economic Development Agency for Southern Ontario, for making this funding available for small businesses through the Main Street Recovery and Rebuild Initiative.”
– Mayor Olivia Chow
“The Main Street Recovery and Rebuild Initiatives are supporting Toronto’s main streets at a time when the boost is urgently needed, for both businesses and non-profit partners that are crucial to our local economy. The Main Street Innovation Fund is enabling innovative and creative solutions to address main street business challenges with community partners like Uma Nota Culture on Geary Avenue. I invite small businesses and non-profits to see what supports are available to them.”
– Councillor Alejandra Bravo (Davenport), Economic and Community Development Committee Chair
“Main streets are essential to Toronto’s vitality and vibrancy. They are home to countless small businesses, from restaurants and shops to innovative spaces like the Art Vessel on Geary Street. These main streets and their businesses need our ongoing support as they continue to recover and rebuild, which is why programs like the Main Street Innovation Fund are so essential. I encourage small business owners and operators to take advantage of this program and the many other resources offered by the City of Toronto to help their businesses thrive.”
– Councillor Shelley Carroll (Don Valley North), Mayor’s Champion of Economic Development & Culture
“I’m so happy that the City is able to make funding and programs like Main Street Recovery and Rebuild Initiative available. I also encourage all Toronto residents to shop and eat local to continue to support our local operators.”
– Councillor Chris Moise, Mayor’s Champion of Small Business
Toronto is home to more than three million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation and climate action, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit the City’s website or follow us on Twitter, Instagram or Facebook.