The City of Vancouver is working with the Vancouver Economic Development Commission (VEDC) on the Vancouver Restoration Fund, a project aimed at providing financial assistance to downtown businesses whose insurance does not cover specific losses sustained by the riots.
The VEDC, the city’s economic development agency, is coordinating the fund, including assessing applications from businesses that need help and accepting donations from businesses that want to help. Businesses can go to vancouvereconomic.com/vancouver_restoration_fund for details.
The goal is to generate a fund of $150,000 to provide financial support to impacted businesses and ensure they remain healthy and viable. Businesses can apply for up to $7,000.
Vancity, TELUS, The Fan Zoo, and To The Point Tattoo are joining forces with the Vancouver Economic Development Commission, along with Vancouver Restoration Fund Task Force partners Vancouver Board of Trade, Downtown Vancouver Business Improvement Association, and the City of Vancouver.
Some 55 businesses in downtown Vancouver were impacted and experienced damage during the riot. Many of these are small enterprises, some of which are struggling to cover insurance premiums or other restoration costs.
“The Vancouver Restoration Fund gives Vancity an opportunity to help many local businesses recover from their losses,” said Tamara Vrooman, president and CEO, Vancity, which is contributing $50,000. “This is a powerful example of the kind of community values and strength we work to build through our own business, and we are very pleased to support the fund.”
“TELUS and our team members are proud to support our home city at this important time in two meaningful ways,” said Josh Blair, TELUS executive vice-president of human resources and vice-chair of the TELUS Vancouver Community Board. “We are contributing $50,000 to the Vancouver Restoration Fund to help support the small businesses that were damaged during the riot. Additionally, our TELUS Vancouver Community Board has earmarked $800,000 this year to support at-risk youth through programs that provide mentoring, after school tutoring, engagement in sports and the arts, education about the dangers of gang involvement, and much more.”
“Vancouverites were in need of a way to come together and show their pride and appreciation for their city,” said Bobby Atwal, president of The Fan Zoo, which is selling #DEARVANCOUVER I LOVE YOU t-shirts. “This is about supporting the businesses that serve all of us in the downtown core and in many cases they missed watching playoff games themselves while they served us.” They hope to raise $50,000 and will donating 100 percent of the proceeds to the fund.
To The Point Tattoo is donating a percentage of its revenues to the fund.
“This fund is about the true spirit of Vancouver. We are working with generous business leaders who have stepped forward to aid local businesses impacted during the Stanley Cup playoffs. We welcome and encourage others to step forward and match contributions if they can help. One hundred percent of the monies raised will help with the damages,” said Lee Malleau, CEO of the VEDC.
The fund is intended to cover physical damages only: it is not intended to cover loss of revenues. Special consideration may be made for loss of goods and products.