TORONTO, ONTARIO--(Marketwired - Jan. 23, 2014) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Editors Note: There is a photo associated with this press release.
FedDev Ontario Minister of State Gary Goodyear was in Toronto today to highlight Agency funding opportunities available for local food and beverage processors.
The Greater Toronto Area is home to more than 1,500 businesses in the food and beverage processing sector that employ nearly 60,000 residents, making it the largest cluster of its kind in Ontario and Canada, and also one of the largest in North America.
More than $530 million is available through FedDev Ontario's new Southern Ontario Prosperity Initiatives, aimed at retaining, attracting and growing businesses in southern Ontario to increase the region's global competitiveness. In addition, funding is available through the $200-million Advanced Manufacturing Fund in Ontario.
- To date, FedDev Ontario has committed more than $41 million in 51 food and beverage processing-related projects in southern Ontario, as well as nearly $5.5 million in 131 projects through partners such as the Canadian Manufacturers and Exporters, the Yves Landry Foundation and the Ontario Chamber of Commerce. This has leveraged a total of more than $305 million.
- Locally, this includes investments in businesses such as Fiera Foods Company.
- Since its creation in August 2009, FedDev Ontario has invested more than $1.1 billion, resulting in partnerships with more than 5,300 organizations and more than $1.5 billion in additional leveraged investments from almost exclusively non-government sources to support businesses, organizations and communities in southern Ontario.
"Our Government recognizes the key role that the food and beverage processing sector plays in our economy, especially here in the Greater Toronto Area. We are committed to ensuring that FedDev Ontario's programming meets the needs of businesses in this sector, helping them to grow and become more competitive."
Gary Goodyear, Minister of State for FedDev Ontario
"The food and beverage processing cluster in the Greater Toronto Area is well-positioned for growth because of its large and diverse customer base, its geographic location, its strong transportation system and its large number of small businesses that drive innovation. Our Government is doing its part to ensure we are creating the right conditions to support this sector."
Jim Flaherty, Minister of Finance
Investment in Fiera Foods Company
Southern Ontario Prosperity Initiatives
Advanced Manufacturing Fund
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