Today, to support the continued recovery and long-term success of local small businesses, the City of Toronto’s Retail Accelerator Program will begin accepting applications.
The Retail Accelerator Program (RAP) provides economic recovery resources for main street small businesses in Toronto impacted by the COVID-19 pandemic. The program provides access to retail training, advisory services and mentoring opportunities. In addition, retail businesses may be eligible for up to $10,000 to help them develop and expand.
Small retail businesses are essential to the vitality and success of Toronto’s main streets and neighbourhoods, and are key drivers of economic prosperity for residents, families, communities and the city as a whole. To assist small businesses in Toronto recover from the impacts of COVID-19, the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) is providing up to $18 million for six programs making up the Toronto Main Street Recovery and Rebuild Initiative (MRRI).
RAP is the second MRRI program to open for applications. The Commercial Space Rehabilitation Grant Program is currently also accepting applications, offering matching funding of 50 per cent to commercial business operators and owners of vacant storefronts (or, in certain limited circumstances, storefronts at risk of becoming vacant) to undertake interior improvements, assisting businesses to re-lease space impacted by COVID-19. Two additional programs – the Main Street Innovation Fund and the CaféTO Commercial and Industrial Property Improvement Program – will open for applications in the new year.
The first round of RAP applications will be accepted until March 31, 2022 or when funds are expended, whichever comes first. The City will be holding virtual information sessions on January 17 and February 15 to learn more about the RAP program, micro grant and application process.
More information about RAP is available on the City’s Retail Accelerator Program webpage.
More information about Toronto MRRI programs is available on the Toronto Main Street Recovery and Rebuild Initiative webpage.
Grants, training and resources provided through Toronto MRRI programs are available until March 31, 2024, and aim to support small business operators, community business associations, streetscape animation and retail innovation.
Quotes:
“Small businesses continue to be critical to Toronto’s prosperity and the vitality of our main streets and neighbourhoods. The City’s Retail Accelerator Program offers retail training, advisory services and mentoring opportunities, in addition to offering a micro grant valued at $10,000 to help retail businesses develop and expand. I invite eligible main street small businesses to apply. These partnerships are critical to ensuring Toronto’s small businesses are supported through the pandemic and beyond.”
– Mayor John Tory
“With the Retail Accelerator Program, the City of Toronto and the Government of Canada are working together to support small businesses across our city. I encourage Toronto’s small retailers to learn more about the Program and the other resources available through the City’s Main Street Recovery and Rebuild Initiative.”
– Deputy Mayor Michael Thompson (Scarborough Centre), Chair of the Economic and Community Development Committee
For nearly 12 years, FedDev Ontario has actively worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation and growth in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving their productivity, growing their revenues, and in the economic advancement of communities across the region.
Toronto is home to more than 2.9 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 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.