Canada and several provinces have announced a range of measures to support Canadian businesses impacted by U.S. tariffs. These initiatives include financial assistance programs, loans, and funding to help businesses maintain operations, diversify markets, and improve productivity.
Provinces like Québec, New Brunswick and Prince Edward Island have also introduced specific programs targeting sectors like manufacturing, export and agriculture, to help businesses navigate the challenges posed by tariffs and ensure their long-term sustainability.
The following support measures are already available:
- Canada Small Business Financing Program: Helps small businesses obtain loans by sharing the risk with lenders.
- Trade Commissioner Services: Assists businesses by connecting them to funding and support programs for growth and diversification.
- Remission Process: Provides relief from tariffs as part of Canada's immediate response and future tariff actions.
The following support measures are in the process of being implemented:
- Trade Impact Program: A $5 billion CAD initiative to help exporters reach new markets and navigate economic challenges from tariffs.
- $500 Million CAD in Loans through Business Development Bank of Canada: Offers loans and advisory services to businesses impacted by tariffs and their supply chains.
- $1 Billion CAD in Financing through Farm Credit Canada: Provides financial support to the agriculture and food industry to address cash flow challenges and maintain supply.
- FRONTIERE Program: Supports exporters facing short-term liquidity issues, enabling them to adjust their business model or supply chain.
- ESSOR Program: Helps manufacturing businesses improve their innovation and productivity to stand out and diversify their markets.
- Training for Resilience and Employment Competitiveness Call for Projects: Allows businesses impacted by tariffs to train and develop the skills of their workforce.
- Panorama Investissement Québec Solution: Provides financial support and guidance to diversify and increase the sales of businesses in Canada and internationally (excluding the United States).
- Québec Businesses Program by Caisse de dépôt et placement du Québec (CDPQ): Supports the launch of projects aimed at increasing productivity or pivoting to new markets.
- Moratorium on Repayment of Local Investment Funds (LIF): Allows businesses to receive a six-month deferral on their LIF financing repayments, including both principal and interest.
- Grand V Initiative by Investissement Québec: Stimulates investments and supports the acceleration of the transition towards innovation and sustainable productivity for businesses.
- Working Capital Loans: Up to $5 million CAD in financial support to help businesses maintain operations.
- Competitiveness and Growth Program: A new $40 million CAD program to enhance the long-term sustainability of New Brunswick’s large export-intensive companies.
- New Brunswick Fisheries Fund: $4 million CAD to support seafood producers, recognizing their vulnerability to current challenges.
- Opportunities NB Strategic Assistance: Utilizes an existing $30 million CAD budget to support businesses in response to challenges, focusing on contingency planning, market diversification, and productivity improvements.
- Export Enhancement and Diversification Fund: Provides non-repayable assistance covering up to 60% of eligible costs, up to $32,000 CAD, for expenses like market research, advertising, and trade shows.
- Tariff Working Capital Program: Offers financial relief to businesses affected by tariffs, with loans ranging from 6 months to 6 years, including interest-only payments for the first 12 months.
- Expanded Trade Missions: Innovation PEI is increasing trade missions for local exporters, with upcoming missions to Canada, Europe, Southeast Asia, and the Mexico/Caribbean region.
- Information & Education: A dedicated online hub will offer resources on tariffs, including webinars, funding details, and a trade mission calendar.
- Ongoing Program Support: Existing Innovation PEI programs will continue to help businesses address tariff challenges, with enhanced outreach for operational investment, productivity, and supply-chain diversification.
In light of the recent tariff increases announced by the President of the United States and other countries, as well as the potential for retaliatory measures, Forvis Mazars is launching this foreign trade microsite. This microsite will provide updated tariff information by country and/or region, offering clients the latest insights to support informed decision-making.
