This program is designed to help your business recover from the impacts of Hurricane Fiona. You can receive up to $300 million in support over two years, ensuring you have the resources needed to rebuild and restore your operations. This funding can cover gaps that insurance or other federal and provincial support measures might not address.

Why Apply?

• Financial Support: Access substantial funds to cover operating expenses, restorations, and new equipment.
• Flexibility: Use the funds for a variety of needs, including repairing critical infrastructure like fishing wharves and small craft harbours.
• Safety and Sustainability: Ensure the safety of navigation and protect marine wildlife, contributing to long-term economic activity and community resilience.

Benefits to Your Business

• Government-Backed Financing: This program offers a secure and reliable source of funding, often with more favorable terms than private loans.
• Targeted Assistance: Tailored support to meet your specific recovery needs, developed through direct engagement with businesses and communities.
• Ease of Qualification: The program is designed to be accessible, ensuring that businesses like yours can quickly and effectively receive the help needed to recover and thrive.

Type of Financing:

• Loan: The program offers loans to address impacts from Hurricane Fiona not covered under other government and private sector measures.

Repayment Terms and Interest Rates:

• Repayment: Repayment options include floating rate with principal plus interest payments, floating rate with blended payments, and fixed rate with principal plus interest payments.
• Interest Rates: The interest rates are structured based on the chosen repayment option.

Eligible Expenses:

• Expenses: Eligible expenses include costs incurred to address impacts from Hurricane Fiona that are not covered by other support measures.

Ineligible Use of Funds:

• Restrictions: The funds cannot be used for expenses that are covered by insurance or other existing federal and provincial support measures.

Fees:

• Application Fee: There is an application fee associated with accessing the financing provided by the program.

The Hurricane Fiona Recovery Fund offers your business a chance to rebuild and recover from the storm's impact. The federal government is providing up to $300 million over 2 years to support local communities and businesses. This fund is designed to fill gaps where insurance or other support measures fall short.

You can use this money for:

• Repairing and rebuilding critical infrastructure
• Restoring economic activities
• Ensuring the safety of navigation and protecting marine wildlife

The fund is managed by the Atlantic Canada Opportunities Agency (ACOA), which works with other federal and provincial bodies to address local recovery needs. This means that the support you receive will be tailored to your specific situation, helping you get back on your feet and build resilience for future challenges.

1. Gather Necessary Documentation:

• Financial statements (last two years)
• Business plan
• Proof of damage or loss due to Hurricane Fiona
• Insurance claim documentation (if applicable)
• Quotes for repairs or rebuilding costs

2. Complete the Application Form:

• Visit the Atlantic Canada Opportunities Agency (ACOA) website
• Download and fill out the Hurricane Fiona Recovery Fund application form

3. Prepare a Detailed Recovery Plan:

• Outline the steps your business will take to recover
• Include timelines and cost estimates
• Highlight how the funds will be used to support recovery efforts

4. Contact ACOA for Guidance:

• Reach out to ACOA Business Information Services at 1-888-576-4444
• Email the relevant regional office (Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador, or outside Atlantic Canada)
• Seek assistance with any questions or clarifications needed for the application

5. Submit the Application:

• Ensure all required documents and forms are completed
• Submit the application through the ACOA website or via email to the appropriate regional office

6. Follow Up on Application Status:

• Monitor your email for any communication from ACOA
• Be prepared to provide additional information if requested
• Contact ACOA Business Information Services for updates on your application status

7. Review and Accept Funding Terms:

• Upon approval, review the funding terms provided by ACOA
• Discuss any conditions or requirements associated with the funding
• Accept the terms to proceed with fund disbursement

8. Implement Recovery Plan:

• Use the funds as outlined in your recovery plan
• Keep detailed records of all expenditures
• Ensure compliance with any reporting requirements set by ACOA