Canada Economic Development for Quebec Regions

Canada Economic Development for Quebec Regions

October 11, 2016 10:30 ET

The Government of Canada, along with the Community Futures Development Corporations (CFDCs) and Business Development Corporations (CBDCs), serving the regional economy

Direct support for small businesses in Quebec regions and stable funding for five CFDC/CBDCs in the Mauricie region for the next three years

QUEBEC, QUEBEC--(Marketwired - Oct. 11, 2016) - Canada Economic Development for Quebec Regions (CED)

The Government of Canada is committed to investing in job creation to stimulate economic growth and increase prosperity for Canadians. It is aware that communities must diversify strategically by focusing on innovation to develop lasting regional competitive advantages. As such, support for communities' transition and diversification is a priority for the Government of Canada.

Acting on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED, François-Philippe Champagne, Member of Parliament (MP) for Saint-Maurice-Champlain and Parliamentary Secretary to the Minister of Finance, announced that the CFDC and CBDC Network has been granted $4,500,000 in financial assistance over three years to implement the Small Business Support Initiative.

The funding provided under CED's Quebec Economic Development Program (QEDP) will help the CFDCs and CBDCs support small businesses in their innovation, communication technology integration, sustainable development or business succession projects. With this financial assistance, businesses in Quebec's regions will be able to rely on the expertise and assistance of skilled resources.

In addition, MP Champagne confirmed that a three-year agreement had been signed with five organizations in the region: the SADC Vallée de la Batiscan, the SADC de la MRC de Maskinongé, the SADC du Haut-Saint-Maurice, the SADC Centre-de-la-Mauricie and the CAE LaPrade Trois-Rivières. Under this agreement, each CFDC will be granted $1,201,086, while the CAE LaPrade Trois-Rivières will receive $545,355, for a total financial commitment of $5,349,699 in support of community economic development.

This announcement follows the signing of three-year agreements totalling more than $86 million between the Government of Canada and the CFDCs, the CBDCs, the CFDC/CBDC Network and Capital Réseau of Quebec. The financial assistance, announced on July 19, 2016, by Greg Fergus, Parliamentary Secretary to the Minister of ISED and Minister responsible for CED, will benefit 57 CFDCs, 10 CBDCs, the CFDC/CBDC Network, and Capital Réseau SADC et CAE.

The agreements provide the CFDCs and CBDCs with the flexibility and means they need to fulfill their mission. By supporting the growth of SMEs and fostering the development of local economies, CFDCs and CBDCs help create well-paid jobs for the middle class and those who work hard to improve their standard of living.

In Quebec, roughly 10,000 businesses every year benefit from the services of these two agencies, which means an average annual investment of $70 million in Quebec communities. The CFDCs also get involved in over 1,250 economic development projects every year.

The funding comes from the Community Futures Program (CFP), which is operated by CED in Quebec.

Quotes

"The announcement of the renewal of the agreements between the Government of Canada and the CFDC/CBDCs in the Mauricie region is excellent news for the region's small businesses. The financial stability they provide enables the CFDC/CBDCs to focus on achieving priority objectives. For the next three years, they will be able to carry out their missions and contribute to economic growth and job creation within the community."

François-Philippe Champagne, Member of Parliament for Saint-Maurice-Champlain and Parliamentary Secretary to the Minister of Finance

"I am very pleased with the renewal of the agreements between CED and the CFDCs and the CBDCs, whose involvement is critical for small business start-ups and growth. The new Small Business Support Initiative will help them assist small businesses with their projects across Quebec. And that results in diversified, competitive local economies that benefit the entire country."

The Honourable Navdeep Bains, Minister responsible for CED

CED is one of six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.

Related links

For further information on the QEDP: http://www.dec-ced.gc.ca/eng/programs/qedp/index.html

For further information on the CFP: http://www.dec-ced.gc.ca/eng/programs/cfp/index.html

CFDC/CBDC Network website: http://www.sadc-cae.ca/

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