Canada Economic Development for Quebec Regions

Canada Economic Development for Quebec Regions

July 19, 2016 10:30 ET

The Signing of Agreements Between the Government of Canada and Quebec's CFDCs, BDCs, the CFDC/BDC Network and Capital Reseau

These organizations will be able to rely on stable funding for the next three years

LUSKVILLE, QUÉBEC--(Marketwired - July 19, 2016) - Canada Economic Development for Quebec Regions (CED)

The Government of Canada is committed to investing in job creation, a key element to stimulate economic growth for the country and increase prosperity for Canadians. For their part, communities must diversify strategically and focus on innovation in order to develop sustainable regional competitive advantages. As such, support for communities' transition and diversification is a priority for the Government of Canada.

Mr. Greg Fergus, Parliamentary Secretary to the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development (ISED) and Minister responsible for CED, confirmed the signing of three-year agreements. This funding, which totals over $86 million, is intended to provide the CFDCs and BDCs with the flexibility and means needed to fulfill their mission. By supporting SMEs in their growth strategies and by fostering the development of local economies, the CFDCs and BDCs prompt the creation of well-paid jobs for the middle class and for all those who work hard to elevate their standard of living.

In Quebec, around 10,000 businesses benefit from the services of these two agencies every year, 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 financial contribution announced today is awarded under the Community Futures Program (CFP) implemented, in Quebec, by CED. It will benefit the 57 Community Futures Development Corporations (CFDCs), the 10 Business Development Centres (BDCs), the CFDC/BDC Network, as well as Capital Réseau SADC et CAE.

Quotes

"The CFDCs and BDCs are loyal allies of regional economic development. In the Outaouais area, we are fortunate to have three CFDCs, and I can vouch for their value-added, whether for our SMEs' start-up, upgrade or expansion projects. I want to commend these organizations' ongoing work to ensure the prosperity of our regions."

- Greg Fergus, Parliamentary Secretary to the Minister of ISED and Minister responsible for CED

"The CFDCs and BDCs form an essential tandem to the economic development of Quebec regions. Clearly focused on communities' needs, their actions help create and maintain high-quality jobs from which the middle class inevitably benefits. The economic growth and job creation combination undeniably produces strong communities in which to live."

- 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/index.php/en/

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