Canada Economic Development

Canada Economic Development

March 10, 2010 07:00 ET

Government of Canada Grants $500,000 in Funding to Societe de developpement economique de Drummondville (CLD Drummond) Inc. for Second Industrial Incubator

DRUMMONDVILLE, QUEBEC--(Marketwire - March 10, 2010) - The Honourable Denis Lebel, Minister of State for Canada Economic Development, today announced the awarding of $500,000 in non-repayable funding to the Société de développement économique de Drummondville (CLD Drummond) Inc. for the construction of a 1,300 square-metre industrial incubator to serve technology startups.

Founded in 1984, the organization works to promote industry, trade and tourism through actions aimed at creating conditions favourable to the economic development of the Drummond Regional County Municipality (RCM), an area with an advantageous geographic and strategic position that is conducive to industrial growth. The first industrial incubator, which has been operating at CLD Drummond's Maison de l'Industrie since 1998, has met with considerable success—as evidenced by the 60 enterprises created to date—but is no longer able to satisfy the existing demand.

"The establishment of a second incubator for technology startups will help support the development and renewal of the region's manufacturing base. I am delighted that, on top of creating 15 temporary jobs during the construction phase, this project will enable 20 new companies to see the light of day over the next five years and lead to the creation of some 100 jobs in the area," explained the Minister of State.

Awarded through the Community Adjustment Fund established under Canada's Economic Action Plan, this financial assistance from Canada Economic Development will enable the organization to offer tenants state-of-the-art facilities as well as quality management guidance services and administrative support.

"Thanks to the special measures provided for under Canada's Economic Action Plan, our national economy is on the road to recovery. Implementing the second phase of this Plan, which includes the allocation of $19 billion in new spending, will help lay the foundations for solid long-term economic growth and job creation," concluded the Minister of State.

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