Thunder Bay has introduced a new fund to help small businesses that are struggling due to the trade conflict between Canada and the United States. The Thunder Bay Chamber of Commerce and the Community Economic Development Commission, also known as CEDC, have created the Small Business Tariff Response Fund.
This program will support 15 businesses with up to 7,500 Canadian dollars each. To get the money, each business must spend at least 10,000 dollars on a project that helps them deal with the effects of the trade war.
Helping businesses with fewer than 50 employees
The program is only for businesses that have 50 or fewer employees. These smaller businesses often do not have the same resources as larger companies and may need help sooner.
The Chamber of Commerce says it wants to act quickly. It believes waiting for larger government programs could take too long. The new fund will offer fast help while other support programs are still in development.
To apply, businesses must explain how the trade war has caused problems for them. They also need to share their plan for how they will use the money to solve or reduce those problems. This helps the Chamber and the CEDC decide who needs the money most.
Trade war adds new pressure to small businesses
The trade conflict between the United States and Canada has led to new taxes on goods moving between the two countries. These taxes are called tariffs. Tariffs make products more expensive for both buyers and sellers.
Small businesses in Thunder Bay are already paying more for the goods and materials they need. Some businesses have even lost suppliers or had to delay projects because of changes in costs or delivery times.
This new fund is designed to help businesses deal with those problems. It can support plans to change suppliers, improve shipping, or adjust how products are made.
Impact of COVID-19 still being felt
Many small businesses in Thunder Bay are still recovering from the COVID-19 pandemic. The past few years have been difficult, with lockdowns, staff shortages, and lower sales.
Now, the trade war has added another problem. Many business owners are finding it hard to manage rising prices while also trying to stay open.
By offering this new funding quickly, the Chamber and CEDC hope to stop more small businesses from having to cut jobs or shut down. They want to give owners a chance to adjust before the situation gets worse.
Simple and fast way to apply
The Small Business Tariff Response Fund has a simple application process. Business owners must show how their company has been hurt by tariffs. They must also share details about their plan to solve the problem and how the money will help.
The program is looking for businesses with real and urgent needs. The goal is to support those that can make strong changes with a small but helpful amount of money.
Each approved business will receive 7,500 dollars. The money must be used as part of a larger project costing at least 10,000 dollars. The funds can be used for many kinds of projects, such as updating equipment, finding new suppliers, or changing shipping methods.
Limited spots available
Only 15 businesses will receive funding through this program. That means the money is limited, and only the strongest applications will be approved.
Even though the amount is small, it can make a big difference for some businesses. A single purchase or change in supply can help reduce costs and keep a company running smoothly.
The Chamber of Commerce says this program is not meant to replace larger government programs. Instead, it is a fast and local way to help while waiting for broader solutions.
Bigger changes may come later
The federal and provincial governments are also working on larger programs to help companies hurt by trade problems. But these programs may take time to start.
While waiting, local groups like the Chamber and CEDC are offering fast help. Their goal is to act now and give small businesses a chance to survive the current crisis.
This new fund is just one way that local organizations are trying to protect the local economy. Helping small businesses now may also reduce job loss and help the whole community.
Apply before it’s too late
Business owners in Thunder Bay should apply as soon as possible. Only a few grants are available. The deadline to apply may come quickly if all spots are taken.