157 N.W.T. businesses receive CanNor's COVID-19 relief funding

Over 150 businesses in the Northwest Territories have received federal relief funding since the start of the COVID-19 pandemic.

Last month, the Canadian Northern Economic Development Agency (CanNor) announced it was providing an additional $34.3 million for small and medium-sized businesses in the three territories that have been affected by COVID-19.

On Monday, CanNor said that since the grant was announced on May 13, it has given out $4.7 million in funding to 157 N.W.T. businesses.

The funding is designed to help with short-term relief on operational costs, and is a non-repayable grant for a maximum period of four months, retroactive to April 1, 2020. Businesses can receive anywhere between $2,500 to $100,000, according to the government's website.

Priority will be given to businesses with less than 20 employees, says the government.

The $34.3 million funding represents the territories' portion of a nearly $1-billion Regional Relief and Recovery Fund announced in April by Ottawa.