FedDev Ontario is Strengthening Rural Ontario's Economy through Innovative Initiatives and Programs

ROCKLAND, ONTARIO--(Marketwired - April 30, 2014) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

Rural Ontario is varied and diverse, encompassing farmland, small towns, advanced manufacturing hubs, natural resources, tourism destinations, social enterprises and a wide variety of small- and medium-sized businesses, including an increasingly diversified retail sector. It also has a significant share of Ontario's agri-food sector, which generates $34 billion in gross domestic product and sustains 740,000 jobs-that is about one in every nine jobs across the province. Today, MP Pierre Lemieux, on behalf of FedDev Ontario Minister of State Gary Goodyear, spoke about present and potential opportunities in rural communities at the inaugural Rural Economic Summit of Ontario.

MP Lemieux spoke to almost 200 participants at the new Clarence-Rockland Arena about how the Government of Canada, through FedDev Ontario investments, is supporting the development of the rural Ontario economy.

The Government of Canada recognizes that rural and small municipalities in southern Ontario face unique economic challenges linked largely to demographic changes. That is why FedDev Ontario works closely with the 37 Community Futures Development Corporations (CFDCs) in rural Ontario, and has several programs and initiatives that help respond to the needs of rural communities.

For example, through the Community Futures Program and the Eastern Ontario Development Program, FedDev Ontario is helping small-and medium-sized enterprises in rural communities to access capital and business advisory services, so they can grow and create new jobs.

Since 2009, FedDev Ontario has acted as a co-investor, delivery agent, convenor and champion with southern Ontario communities, businesses, not-for-profit organizations, and social enterprises to actively promote the region and build a strong foundation of long-term economic growth.

Quick Facts

- In 2012-13, FedDev Ontario invested $11.3 million through the Community Futures Program. With this funding, CFDCs administered 724 new loans worth approximately $42.6 million from their locally controlled investment funds and created, expanded, or maintained 3,937 businesses and organizations in rural southern Ontario.

- Since 2011, 2,019 Eastern Ontario Development Program projects have been approved for funding totalling $26.2 million. These projects have leveraged an additional $67.5 million.

- The four Southern Ontario Prosperity Initiatives are uniquely designed to help retain, attract and grow businesses in southern Ontario to increase the region's global competitiveness. Over $530 million in funding is available under these initiatives.

- Since its creation, FedDev Ontario has invested more than $1.1 billion, resulting in partnerships with more than 5,300 organizations and more than $1.5 billion in additional leveraged investments from almost exclusively non-government sources to support businesses, organizations and communities in southern Ontario

Quotes

"Our Government is committed to making strategic investments which make the best use of taxpayers' dollars. FedDev Ontario's four Southern Ontario Prosperity Initiatives are a great example of how we are making a difference across this region, including rural areas, by supporting our businesses and creating opportunities for economic growth.

- Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario

"Our Government recognizes the unique economic challenges facing rural southern Ontario. FedDev Ontario has several programs and initiative designed to encourage investment and increase the prosperity of these areas."

- Pierre Lemieux, Member of Parliament for Glengarry-Prescott-Russell

"The Prescott-Russell Community Development Corporation is pleased to be the major partner and organizer in this important Summit. We recognize and appreciate FedDev Ontario's support of southern Ontario CFDCs and local businesses in our rural communities."

- John Candie, Executive Director, Prescott-Russell Community Development Corporation

Associated Links

Southern Ontario Prosperity Initiatives:

Investing in Business Growth and Productivity

Investing in Business Innovation

Investing in Commercialization Partnerships

Investing in Regional Diversification

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