News & Press Releases

Guelph Chamber welcomes Federal Investment to aid Businesses Impacted by Tariffs

May 8, 2026

Guelph, May 8, 2026:  The federal government’s recently announced $1.5 billion relief package marks a significant milestone in safeguarding the stability of the Canadian manufacturing sector amidst ongoing trade pressures, and Guelph businesses welcome these immediate actions being taken. By addressing the financial strain caused by U.S. Section 232 tariffs on steel and aluminum, this initiative provides a critical foundation for local and national economic resilience. 

 

The relief strategy centers on a $1-billion loan program managed through the Business Development Bank (BDC) of Canada, offering manufacturers low-interest financing with a three-year interest-only period to protect vital cash flow. Furthermore, a $500-million Regional Tariff Response Initiative (RTRI) fund dedicated to strategic pivots will empower businesses to diversify their operations and adapt to changing global market conditions. 

 

This federal response is a necessary intervention to protect the integrity of the industrial supply chain. While these measures offer immediate liquidity and support for market diversification, continued advocacy remains essential to ensure long-term certainty for the businesses and workers who drive our regional and national economy. 

 

Key Components of the Relief Package: 

  • $1 Billion Loan Program: Facilitated by the Business Development Bank of Canada (BDC), this program offers low-interest loans to affected businesses. These loans feature interest-only payments for the first three years, providing a vital cash-flow bridge for manufacturers and others facing sudden cost increases. 
  • $500 Million Strategic Pivot Fund: Dedicated to helping companies diversify their operations, this fund supports businesses as they adapt to new markets or shift production strategies to reduce reliance on vulnerable supply chains. 
  • Broadening of Scope: The relief responds to changes where tariffs now apply to the full customs value of products containing steel and aluminum—impacting not just the raw materials but the finished components essential to the automotive and tool-and-mould sectors. 

 

“This funding will help many of Guelph's businesses in their fight against unjustified tariffs and the uncertainty they are causing. Guelph is one of the most advanced manufacturing centres and agricultural hubs in the world, and it is encouraging to have the support of our country behind us. We know that MP O’Rourke and the Government of Canada stand ready to help as we build a stronger future for our region.” – Andy Veilleux, President & CEO, Guelph Chamber of Commerce.

 

“This new funding provides immediate liquidity and targeted support to affected industries. A $1 billion program through the Business Development Bank of Canada (BDC) is available immediately to companies that manufacture and export products containing steel, aluminum, or copper to provide a bridge as they adapt and respond to extraordinary market pressures. The biggest challenge is uncertainty; I have been relentless in promoting these supports to support Canada’s essential manufacturing sector.”  - Dominique O’Rourke, Member of Parliament for Guelph, Member of the Standing Committee on Industry and Technology, and Member of the Standing Committee on Transport, Infrastructure, and Communities.