$6 million coming to region from EDC
Estrie's BDCs and CFDCs get stable funding for the next three years
"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.
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.