The provincial and federal governments have loosened their grip on the purse strings to allow Peace River businesses devastated by flood to get financial assistance.
About another $2.5 million will go to businesses damaged when an ice jam along the Peace River forced water through a hole in the town’s dike last April.
More than 60 percent of the business district was affected by the flood, but several businesses were not eligible to receive disaster money.
Damage to some businesses exceeded the $100,000 cap while others weren’t eligible because of ownership rules.
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“This additional funding was agreed to because of the extreme economic impact on Peace River,” said transportation and utilities minister Walter Paszkowski.
“This is the first time in Alberta’s history that such a program was needed to help a community recover from flooding,” he said in a news release. “This financial assistance is vital for the long-term economic stability of the town.”
The province will kick in $1.1 million. That will pay for 50 percent of the damages to businesses ineligible because of federal regulations. Businesses like the Riverdrive Mall, ineligible because there was more than one owner, will now be eligible for funding to cover up to half the damages.
Most of the federal government’s $1.4 million will help pay for businesses that suffered losses greater than the $100,000 cap. Some had more than $350,000 in losses.
Ron Wolsey, executive director of disaster services, said cheques were be written last week to the businesses.
