SMEDCO COVID Business Fund
In partnership with Indigenous Services Canada, SMEDCO is delivering a COVID-19 impact fund for Métis communities and microbusinesses. The SMEDCO COVID Fund seeks to provide resources for businesses that did not qualify for the COVID-19 business relief programs that were initiated earlier in the pandemic. The Fund will provide Métis community owned businesses and microbusinesses in Saskatchewan that have experienced reduced revenues as a result of the COVID-19 pandemic with two streams of COVID-19 supports. Stream one focuses on providing access to business assessment, advisory, and recovery supports from professionals and stream two focuses on providing non-repayable contributions to support ongoing operations.
COVID Community Business Program
Métis community businesses and economic development corporations have faced significant hardships as a result of COVID-19. Up until now, many of these entities have been unable to access COVID-19 business relief programs and supports. Stream One of the SMEDCO Community COVID Fund provides Métis community-owned businesses and Métis community economic development corporations established prior to March 2020 with access to skilled professionals that can provide expert advice and services to support economic recovery.
SMEDCO has partnered with Northern Research Group (NRG) to deliver stream one consulting supports to Métis communities. NRG is a Saskatchewan based, Métis owned business consulting firm with a well-developed awareness of Métis community economic development and the challenges that Métis community owned businesses have faced as a result of COVID-19. This partnership will ensure that Métis communities have access to Métis business professionals that can provide a broad range of business and economic development consulting products and services.
Stream Two of the SMEDCO Community COVID Fund provides Métis community owned businesses and Métis community economic development corporations that have seen revenues decrease as a result of COVID-19 with access to non-repayable contributions to support ongoing operations. Contributions received through this program are intended to fund reasonable operating expenses and help to ensure that microbusinesses are able to sustain operations during the economic recovery phase.
Community COVID Business Fund Consulting Services
The consulting services delivered through SMEDCO’s Community COVID Business Fund will focus on three primary areas: Assessment, Advisory, and Recovery.
The first step in providing business crisis and recovery support is assessing the current state of the business and developing an understanding of how the crisis has impacted the business and the economy in which it operates.
Financial Statement Analysis – To assess current business trends and establish baseline information related to current fiscal health.
Economic Impact Analysis – To examine how COVID-19 has impacted the business and local/regional economy.
Business Operations Analysis – To examine current business operations and ensure that the current operational structure and processes are in alignment with the changed needs of the business.
The next step in business crisis and recovery support is providing advice that can support business adaption, transformation, and recovery planning.
Business Adaption Advice – To provide insight on how existing business processes/models can be adapted to respond to the changing business environment.
Cost transformation/Efficiency Advice – To identify opportunities for sustained cost reductions in business operations and supply chains
Marketing Advice – To provide insights into new ways to engage with customers and market products and services in a COVID/ post-COVID world.
Business Coaching – To provide change management and business recovery support to business leaders.
The final step in providing business crisis and recovery support is facilitating the development of plans and strategies focused on long-term business/economic recovery.
Economic Recovery Strategies – To assess the economic impacts of COVID-19, identify gaps, and provide a pathway to economic recovery for community economic development corporations and the communities they represent.
Business Continuity Planning – To establish prevention and recovery processes that better enable the business to sustain operations during periods of crisis caused by COVID-19 (or other emergencies)
Strategic Planning – To develop focused goals, objectives and work plans for community owned businesses and economic development corporations.
Diversification Planning – To develop a clear plan to respond to new revenue opportunities and changing demands by diversifying the goods and services offered by businesses and entering new markets.
Business Planning – To ensure that business plans are adapted to reflect changes in the business model and business environment.
Financial Projection Updates – To establish a clear financial picture of the impact of COVID-19 and planned business adaption activities on community owned businesses and economic development corporations.
Who Can Apply?
If you answer yes to the following questions, the SMEDCO Microbusiness COVID Fund may be for you:
- Are you a Métis community owned business or Métis community economic development corporation operating in Saskatchewan?
- Has the COVID-19 pandemic reduced your business income?
- Have you been unable to access other COVID-19 business relief programs such as the:
- Business Credit Availability Program (BCAP)
- Canada Emergency Business Account (CEBA)
- Canada Emergency Wage Subsidy (CEWS)
- Canada Emergency Commercial Rent Assistance (CECRA)
- Regional Relief and Recovery Fund (RRRF)
- Large Employer Emergency Financing Facility (LEEFF)
- SMEDCO’s Metis Emergency Capital Assistance Program (MECAP)
- Is your business incorporated in the Province of Saskatchewan?
- Was the business in operation prior to March 2020?