COVID-19 - Canada Seafood Stabilization Fund
The fishing, aquaculture and processing sectors are facing unprecedented financial hardship due to the COVID-19 pandemic. The Government of Canada recognizes the need to support these sectors, as well as Canadian communities and the businesses and organizations that work in this industry currently destabilized by the pandemic.
Within this context, the Department of Fisheries and Oceans Canada announced, on April 25, 2020, the implementation of the Canada Seafood Stabilization Fund. This temporary fund of $62,5 million will enable three regional development agencies (RDAs) to assist Canadian seafood processing and packaging businesses, as well as organizations that support this industry, in the Atlantic and Western Canadian provinces and in Quebec.CED will implement this temporary fund in Quebec regions where the seafood processing and packaging industry, including aquaculture, plays a prominent role in the regional economy, mainly in the Côte-Nord, Bas-Saint-Laurent and Gaspésie—Îles-de-la-Madeleine regions. CED will work with industry stakeholders to maximize the Fund’s spinoffs for the entire sector.
Financial contributions will be analyzed alongside government measures that have already been announced.The Canada Seafood Stabilization Fund will include four components:
- Storage Capacity: Support for projects aimed at helping seafood processors and packagers to increase freezer, refrigeration and cold storage capacity in order to manage excess inventory or processed product due to reduced markets.
- Business Adaptation: Funding for additional costs required to implement new worker safety initiatives and physical distancing measures, as well as certain operational expenses associated with the projects and complementing previously announced government measures.
- Automation Technologies: Support for projects to adopt advanced technologies to improve business productivity and competitiveness.
- Market Development: Support for projects aimed at improving the ability of businesses and organizations to identify market opportunities, access potential clients, manage business relationships and enter national and international markets.
How to apply
You are a Quebec business working in seafood processing and packaging, or a Quebec organization supporting this industry and
– you are a client of CED
Communicate with the advisor assigned to your project in your region’s business office.
– you are not a client of CED
Select your administrative region to quickly find the business office that serves your region or access the contact information of all of our business office to reach an advisor to discuss your situation and needs.
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