As businesses navigate the challenges created by recent U.S. tariffs on Canadian goods, the federal government has announced a $7.5 billion package of new and enhanced supports for Canadian workers and businesses.
The new measures are designed to provide immediate relief, improve access to capital, support workforce retention, and help businesses diversify and remain competitive.
A key component of the package is an additional $1.5 billion investment through the Regional Tariff Response Initiative, delivered through Canada’s Regional Development Agencies. For businesses in Mississauga, this funding will help small and medium-sized enterprises manage tariff-related pressures, including access to liquidity support.
To further strengthen financial assistance, the government is introducing a new $500 million liquidity stream through the Business Development Bank of Canada’s (BDC) Pivot to Grow program. This funding is intended to help businesses facing immediate cash flow challenges as a result of tariffs. In addition, eligibility for BDC’s tariff-related programs has been expanded by lowering the minimum annual revenue requirement for applicants to $1 million, allowing more small and medium-sized businesses to qualify for support.
The package also includes an additional $2 billion for the new Canada Strong Diversification Fund, which will support tariff-affected businesses with shovel-ready projects and capital maintenance investments. The fund is intended to help companies strengthen operations, improve productivity, and diversify markets during a period of economic uncertainty.
Recognizing that tariffs also affect workers and families, the government is investing $3.5 billion in Rapid Response Supports for Workers and Employers. These measures include enhanced Employment Insurance flexibilities, workplace training opportunities, improved employment services through Job Bank, and the new Workforce Retention and Retraining Program (WRRP) to help employers retain and develop their workforce during challenging periods.
Additional flexibilities are also being introduced to the Large Enterprise Tariff Loan Facility to support larger employers facing tariff-related disruptions.
How Mississauga Businesses Can Access These Supports
Businesses interested in these programs should:
- Connect with FedDev Ontario regarding Regional Tariff Response Initiative funding and diversification opportunities.
- Contact the Business Development Bank of Canada (BDC) to explore financing options available through the Pivot to Grow program and other tariff-related supports.
- Review workforce programs and training opportunities available through the new WRRP and enhanced employment support measures.
- Work with financial advisors, lenders, and economic development partners to determine eligibility and prepare applications.
The federal government has indicated that it will continue to assess and adapt these programs as tariff-related impacts evolve and will consider expanding support to additional sectors as needed.
If your business has been affected by tariffs but does not qualify for any of the programs currently available, we encourage you to connect with us. We remain committed to advocating for our business community and helping connect employers with the resources they need to navigate this period of uncertainty.
