June 7, 2019 – Lévis, Quebec – Canada Economic Development for Quebec Regions (CED)
Quebec’s 57 Community Futures Development Corporations (CFDCs), 10 Business Development Centres (BDCs), Réseau des SADC et CAE and Capital Réseau SADC et CAE play a key role in the local economic development of the province’s rural communities.
To continue their mission with rural communities, these organizations will receive a non-repayable contribution of $169M from the Government of Canada for the next five years.
The funding was announced today by Rémi Massé, Member of Parliament for Avignon-La Mitis-Matane-Matapédia and Parliamentary Secretary to the Minister of Innovation, Science and Economic Development.
This financial assistance will provide the CFDCs and BDCs with the flexibility and means to fulfill their mission to foster the development of local economies, support start-ups and assist SMEs with their growth strategies, while paying particular attention to devitalized areas.
In addition, the Maskoutains and Caniapiscau regional county municipalities (RCMs), as well as a portion of the Vaudreuil-Soulanges RCM, will have CFDC/BDC service coverage for the first time.
The Government of Canada is committed to investing in job development, a key element of economic growth in the country and prosperity for Canadians. Rural communities must foster a diversification strategy and build on innovation to develop sustainable regional competitive advantages. To this end, support for the transition and diversification of rural communities is a priority of the Government of Canada.
In Quebec, approximately 10,000 businesses benefit from the services of CFDCs and BDCs each year, resulting in an average annual investment of $70 million in Quebec communities. In addition, CFDCs are involved in more than 1,250 economic development projects annually.
“CFDCs and BDCs are essential partners in the development of rural communities. Their countless activities – whether they involve supporting start-up projects, assisting modernization efforts or expanding our SMEs – boost economic growth and inject new vitality into our communities. I commend the tireless work these organizations do to ensure the prosperity of Quebec’s regions.”
Rémi Massé, Parliamentary Secretary to the Minister of Innovation, Science and Economic Development
“Building on the strengths and needs of communities, CFDCs and BDCs spur the creation and maintenance of high-quality jobs that inevitably benefit the middle class. Clearly focused on the needs of communities, these organizations help build strong communities with growing economies and a good quality of life.”
The Honourable Navdeep Bains, Minister responsible for CED
Today’s announcement was made on behalf of the Honourable Navdeep Bains, Minister responsible for the Innovation, Science and Economic Development portfolio, which is made up of 17 federal departments and agencies, including CED and the other five regional development agencies.
The funding is allocated primarily through the Community Futures Program (CFP)