Government of Canada Signs Five-Year Agreement With Quebec's SADCs, CAEs, Reseau des SADC et CAE and Fonds commun des SADC

CAMPBELL'S BAY, QUEBEC--(Marketwire - March 18, 2011) - The Honourable Lawrence Cannon, Minister of Foreign Affairs and Member of Parliament for Pontiac, acting on behalf of the Honourable Denis Lebel, Minister of State for Canada Economic Development, today confirmed that a five-year agreement worth nearly $154 million has been signed with Quebec's Sociétés d'aide au développement des collectivités (SADC), Centres d'aide aux entreprises (CAE), Réseau des SADC et des CAE and Fonds commun des SADC. In full term, this agreement for the SADCs of the Outaouais region will be of $6.5 million in non repayable funding.

"We are extremely pleased to have reached an agreement for the next five years. Quebec's regional development is of paramount importance to the Government of Canada, which is why we consider it so essential to support the SADCs and CAEs while our economy is still fragile," explained Minister Cannon.

This funding is granted through the Community Futures Program (CFP), supplemented by an additional budget from Canada Economic Development.

This new agreement reflects the importance the Government of Canada places on these local development agencies as well as the key role these organizations play in the Quebec economy, particularly at a time when economic austerity measures are being put in place to help balance the budget.

"Supporting these regional development agencies is critical in the current context. Moreover, this new agreement will allow more resources to be placed at the disposal of enterprises without putting an additional burden on taxpayers," Minister of State Denis Lebel added. 

The SADCs and CAEs—known outside Quebec as Community Futures Development Corporations (CFDC) and Community Business Development Corporations (CBDC), respectively—are non-profit organizations incorporated and administered by boards of directors made up of local volunteer members.

The Community Futures Program is a national program that supports local economic development and strengthens the ability of communities to reach their full potential in a sustainable manner.

Canada Economic Development is online at www.dec-ced.gc.ca. Subscribe to the Agency's press releases at http://www.dec-ced.gc.ca/eng/media-room/mailing-list/list.html to keep up with the latest news.