Canada Economic Development for Quebec Regions

Canada Economic Development for Quebec Regions

August 22, 2016 14:30 ET

The Government of Canada as well as the Community Futures Development Corporations (CFDCs) and Business Development Centres (BDCs) serving the regional economy

Five CFDCs of Saguenay-Lac-Saint-Jean will be able to rely on stable funding for the next three years

LA BAIE, QUEBEC--(Marketwired - Aug. 22, 2016) - Canada Economic Development for Quebec Regions (CED)

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

Denis Lemieux, MP for Chicoutimi-Le Fjord, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development (ISED) and Minister responsible for CED, confirmed the signing of a three-year agreement with five regional organizations: SADC du Haut-Saguenay;. SADC Lac-Saint-Jean-Est; SADC Maria-Chapdelaine; SADC du Fjord and SADC Lac-Saint-Jean- Ouest. Based on that agreement, each of these CFDCs will be receiving a financial assistance of $1,201,086. In total, a financial commitment of $6,005,430 will be used to support economic development in the community.

Today's announcement arises from the signing of three-year agreements totalling more than $86 million among the Government of Canada and the CFDCs, BDCs, the CFDC/BDC Network and Capital Réseau of Quebec. That financial assistance, announced July 19, 2016 by Greg Fergus, Parliamentary Secretary to the Minister of ISED and Minister responsible for CED, will benefit 57 CFDCs, 10 BDCs, the CFDC/BDC Network and Capital Réseau SADC et CAE.

The agreements provide the CFDCs and BDCs with the flexibility and means they need for fulfilling their mission. By supporting the growth of SMEs and fostering the development of local economies, CFDCs and BDCs 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) that, in Quebec, is operated by CED.

Quotes

"The renewal of the agreement between CED and these organizations is excellent news for the region. For the next three years, they will be able to carry out their mission and contribute to economic growth and job creation within the community."

Denis Lemieux, MP for Chicoutimi-Le Fjord

"I am very pleased with the renewal of the agreements between the Government of Canada and the CFDCs and the BDCs. The financial stability provided by those agreements enables these agencies to focus on achieving priority objectives. As a result, diversified, competitive economies to benefit the entire country are sure to be evidenced."

The Honourable Navdeep Bains, Minister responsible for CED

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

Related links

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

Website of the CFDC/BDC Network: http://www.sadc-cae.ca/

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