Canada Economic Development for Quebec Regions

Canada Economic Development for Quebec Regions

September 15, 2016 10:30 ET

Government of Canada provides support to Capital Expansion region Thetford (CERT)

Financial assistance enabled creation of venture capital fund for SMEs in Les Appalaches RMC

THETFORD MINES, QUEBEC--(Marketwired - Sept. 15, 2016) - Canada Economic Development for Quebec Regions (CED)

The Government of Canada is determined to support and promote innovation in order to stimulate new investment and future economic growth.

Acting on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED, Joël Lightbound, Member of Parliament for Louis-Hébert, today announced that Capital Expansion région Thetford (CERT) has been granted $5,085,000 in funding to support business projects in the Regional County Municipality (RCM) of Les Appalaches.

More specifically, this financial assistance, awarded in the form of a non-repayable contribution under the Canadian Initiative for the Economic Diversification of Communities Reliant on Chrysotile, was used to establish a new venture capital fund tailored to the investment needs of small and medium-sized enterprises (SMEs) in the RCM.

The aim of the Canadian Initiative for the Economic Diversification of Communities Reliant on Chrysotile is to support economic diversification projects in the RCMs Les Appalaches and Les Sources that have the potential to create short- and long-term employment.

Quotes

"The creation of a venture capital fund is excellent news for the region. Thanks to this assistance from the Government of Canada, Capital Expansion région Thetford (CERT) will be able to continue supporting various business projects in the RCM of Les Appalaches and thereby contribute to local economic development and job creation."

- Joël Lightbound, Member of Parliament for Louis-Hébert

"Economic development is a priority for the Government of Canada. In funding Capital Expansion région Thetford (CERT), our government is giving a very real and powerful boost to entrepreneurship."

- The Honourable Navdeep Bains, Minister responsible for CED

"We are very happy about this show of confidence from CED. Supporting local economic development is CERT's number-one priority, as our track record in the last nine months as well as the spinoffs unveiled today clearly illustrate."

- François Gagnon, Chair of the Board of Directors of the Capital expansion région Thetford fund

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 link

Canadian Initiative for the Economic Diversification of Communities Reliant on Chrysotile:

http://www.dec-ced.gc.ca/eng/funding/initiative/chrysotile/index.html

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