$6 mil­lion com­ing to re­gion from EDC

Estrie's BDCs and CFDCs get sta­ble fund­ing for the next three years

Stanstead Journal - - NEWS - As­cot Cor­ner

"The re­newal of the agree­ment be­tween CED and these or­ga­ni­za­tions is ex­cel­lent news for the re­gion. For the next three years, they will be able to carry out their mis­sion and con­trib­ute to eco­nomic growth and job cre­ation within the com­mu­nity," com­mented the Hon­ourable Marie-Claude Bibeau.

The Govern­ment of Canada is com­mit­ted to in­vest­ing in job cre­ation in or­der to stim­u­late eco­nomic growth and in­crease pros­per­ity for Cana­di­ans. It is aware that com­mu­ni­ties must di­ver­sify strate­gi­cally by fo­cus­ing on in­no­va­tion in or­der to de­velop last­ing re­gional com­pet­i­tive ad­van­tages. As such, sup­port for com­mu­ni­ties' tran­si­tion and di­ver­si­fi­ca­tion is a pri­or­ity for the Govern­ment of Canada.

The Hon­ourable Marie-Claude Bibeau, Min­is­ter of In­ter­na­tional De­vel­op­ment and La Fran­co­phonie, on be­half of the Hon­ourable Navdeep Bains, Min­is­ter of In­no­va­tion, Sci­ence and Eco­nomic De­vel­op­ment (ISED) and Min­is­ter re­spon­si­ble for CED, con­firmed the sign­ing of a three-year agree­ment with six re­gional or­ga­ni­za­tions. Tied to the agree­ment is a fi­nan­cial com­mit­ment of $6,075,054 that will be used to sup­port eco­nomic de­vel­op­ment in the com­mu­nity.

Specif­i­cally, the funds will be al­lo­cated as follows: CAE Mem­phré­m­a­gog: $590,355; CAE du Val-StFrançois: $590,355; SADC des Sources: $1,201,086; SADC de la ré­gion de Coat­i­cook: $1,246,086; SADC de la ré­gion de Mé­gan­tic: $1,201,086; SADC du HautSaint-François: $1,246,086.

Their an­nounce­ment arises from the sign­ing of three-year agree­ments to­talling more than $86 mil­lion among the Govern­ment of Canada and the CFDCs, BDCs, the CFDC/BDC Net­work and Cap­i­tal Réseau of Que­bec. That fi­nan­cial as­sis­tance, an­nounced July 19, 2016 by Greg Fer­gus, Par­lia­men­tary Sec­re­tary to the Min­is­ter of ISED and Min­is­ter re­spon­si­ble for CED, will ben­e­fit 57 CFDCs, 10 BDCs, the CFDC/ BDC Net­work and Cap­i­tal Réseau SADC et CAE.

The agree­ments pro­vide the CFDCs and BDCs with the flex­i­bil­ity and means they need for ful­fill­ing their mis­sion. By sup­port­ing the growth of SMEs and fos­ter­ing the de­vel­op­ment of lo­cal economies, CFDCs and BDCs help cre­ate well-paid jobs for the mid­dle class and those who work hard to im­prove their stan­dard of liv­ing.

In Que­bec, roughly 10,000 busi­nesses ev­ery year ben­e­fit from the ser­vices of these two agen­cies, 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 fund­ing comes from the Com­mu­nity Fu­tures Pro­gram (CFP) that, in Que­bec, is op­er­ated by CED.

Photo cour­tesy

On Mon­day, Comp­ton-Stanstead MP and Min­is­ter of In­ter­na­tional De­vel­op­ment and La Fran­co­phonie, Marie-Claude

Bibeau (cen­ter), seen here with rep­re­sen­ta­tives of the SADC and the CAE of Estrie, an­nounced a re­newal of the deal with the Eco­nomic De­vel­op­ment Agency of Canada.

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