Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

July 09, 2015 12:00 ET

Harper Government Invests in Regional Diversification in Southwestern Ontario

STRATFORD, ONTARIO--(Marketwired - July 9, 2015) - Today, FedDev Ontario Minister Gary Goodyear announced a contribution of $3,227,750 to the Western Ontario Community Futures Development Corporation Association (WOCDFCA) to support the growth of small- and medium-sized enterprises in southwestern Ontario.

With this investment, the WOCFDCA is establishing a $6.2-million investment fund to strengthen regional diversification efforts across southwestern Ontario. The federal contribution is leveraging $3,227,750 in matching funding from the network of southwestern Ontario Community Futures Development Corporations (CFDCs).

The project will provide a critical source of capital to support the transfer of businesses to a new generation of entrepreneurs, as well as serve other regional diversification needs in rural southwestern Ontario.

Through this fund, the Association expects to support 37 small-and medium-sized enterprises by providing access to capital for business development, transfers and other business retention and expansion activities.

The federal contribution, through the Investing in Regional Diversification (IRD) initiative, is aimed at supporting the long-term development of stronger, more diverse economies in southern Ontario communities. IRD leverages unique regional assets and local expertise to attract new investment and opportunities for economic growth and development.

Quick Facts

  • The WOCFDCA plays a leadership role in coordinating regional economic development activities amongst its members and the businesses and communities it serves.
  • The WOCFDCA anticipates that eight new partnerships will be formed, creating up to 100 permanent full-time equivalent jobs during the project.
  • Small-and medium-sized enterprises will be eligible to apply for a loan of up to $350,000 for activities that include business succession planning, new market and product development, productivity improvements and other diversification activities that support business and employment growth.

Quotes

"Our Government is committed to providing the right resources to small- and medium-sized enterprises to support succession planning. Today's announcement will provide the WOCFDCA with the investment capital to support the transfer of businesses to a new generation of entrepreneurs and enable our economy to remain strong and diverse."

  • The Honourable Gary Goodyear, Minister of State for FedDev Ontario

"The WOCFDCA appreciates the confidence that FedDev Ontario has shown in our organization by providing us with this additional capital for businesses in Southwestern Ontario. We will continue to employ all our resources to ensure these new funds generate more business start-ups, expansions and job creation for our communities"

  • Frank Rupcic, Chair, WOCFDCA

Associated Links

Investing in Regional Diversification

WOCDFDCA

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