In an effort to assist small businesses in Toronto to recover from the lingering impacts of lockdowns, the Government of Canada is providing up to $18 million for seven inclusive and sustainable economic recovery projects. 

On Thursday, the City of Toronto announced $3.3 million in new funding for local small businesses — which will soon be made available to the community as part of the Main Street Recovery and Rebuild Initiative (MRRI). 

The funding will provide $1.9 million for non-profit organizations and Business Improvement Areas (BIAs) through the Main Street Innovation Fund (MIF) and the Transit Expansion Construction Mitigation Grant (CMGP). 

Depending on the scale, projects approved for funding under the MIF program will receive non-repayable contributions of up to $25,000 or $50,000, while other long-term initiatives may receive up to $100,000. 

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— blogTO (@blogTO) June 5, 2023

Another $1.4 million will be used to support renovations to retail spaces used by small businesses in Toronto through the Commercial Space Rehabilitation Grant Program (CSRG). 

The CSRG Program matches funding up to 50 per cent to commercial business operators and owners of storefronts that are vacant or at risk of becoming vacant to undertake interior improvements. 

Since 2021, these MRRI programs have supported more than 325 local projects and delivered over $9.4 million in funding, and grants to local small businesses, not-for-profits, and BIAs. 

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— blogTO (@blogTO) October 12, 2023

The initiative has also committed funding to support 664 entrepreneurs, small businesses, and 113 community and business organizations. 

"Main streets are essential to Toronto's vitality and vibrancy. They are home to countless small businesses, from restaurants and shops to innovative spaces like the Art Vessel on Geary Street," says Councillor Shelley Carroll (Don Valley North). 

"These main streets and their businesses need our ongoing support as they continue to recover and rebuild, which is why programs like the Main Street Innovation Fund are so essential." 

Additional ongoing support resources for small businesses in the city will also include free business webinars and digital transformation tools.