Seaforth, Ontario — Small businesses in Huron County will benefit from a new $1,110,000 investment in the Huron Business Development Corporation, announced today by Ben Lobb, MP for Huron-Bruce, on behalf of the Honourable Gary Goodyear, Minister of State (FedDev Ontario).
“This investment will help rural communities strengthen and diversify their local economies,” said MP Lobb. “It will also give small- and medium-sized businesses in southern Ontario opportunities to grow and create new jobs.”
The announcement is part of a larger investment of up to $11.1 million through the Community Adjustment Fund for 13 Community Futures Development Corporations (CFDCs) in southern Ontario. The additional funding will enable the CFDCs to increase access to capital for rural small businesses and not-for-profit organizations.
This $1.11 million investment is precisely what the local small business sector needs right now in order to propel itself forward in a new era of success and prosperity that will benefit all Huron County residents,” said Jim Niesen, Business & Loans Manager for the Huron CFDC.
The Community Adjustment Fund is just one in a series of initiatives introduced in the Government of Canada’s Economic Action Plan designed to address the short-term effects of the global economic downturn on communities across Canada, while preparing communities for long-term growth.
FedDev Ontario delivers the Community Adjustment Fund in southern Ontario and has invested in a variety of projects that support economic development, innovation, diversification and job creation, including $27.8 million committed to CFDCs in 2009/2010. For more information, please see the backgrounder.
FedDev Ontario supports 37 Community Futures Development Corporations in southern Ontario that serve rural businesses and communities. Funded through the Community Futures Program, these community-based, not-for-profit organizations offer a wide variety of programs and services supporting community economic development and small business growth and are run by a board of local volunteers and staffed by experienced business professionals. For more information, visit www.ontcfdc.com.
FedDev Ontario was created as part of Canada’s Economic Action Plan to support businesses and communities in southern Ontario. Now in its second year of operation, the Agency is delivering a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to support businesses and other organizations through partnerships and investments in skills and training; innovation; research and development; and increased productivity. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.
Backgrounder
COMMUNITY ADJUSTMENT FUND IN SOUTHERN ONTARIO
The Community Adjustment Fund was created as part of Canada’s Economic Action Plan to provide timely, targeted economic stimulus to communities throughout Canada with fewer than 250,000 residents. The Government of Canada provided $1 billion nationally to support adjustment measures in communities most affected by the global economic downturn, including $348.9 million over two years in Ontario.
In southern Ontario, FedDev Ontario has committed funding as follows:
- $100.9 million for 90 projects in 2009/2010 and $114.7 for 125 projects in 2010/2011 through direct intakes of applications;
- $27.8 million in 2009/2010 and $11.1 million in 2010/2011 for Community Futures Development Corporations (CFDCs) in southern Ontario; and
- $17.5 million in 2009/2010 and $28 million in 2010/2011 delivered by National Research Council Canada’s Industrial Research Assistance Program (NRC-IRAP).
COMMUNITY FUTURES PROGRAM IN SOUTHERN ONTARIO
In southern Ontario, the Community Futures Program supports 37 Community Futures Development Corporations (CFDCs).
CFDCs offer a wide variety of programs and services supporting community economic development and small business growth. In particular, they provide:
- Strategic community planning and socio-economic development;
- Support for community-based projects;
- Business information and planning services; and
- Access to capital for small- and medium-sized businesses and social enterprises.
- In 2009/2010, the 37 CFDCs provided $48 million in loans to local businesses. This resulted in nearly 6,000 jobs being created or maintained, and an additional $94 million in investments leveraged from other sources.
More information on both of these programs is available at www.feddevontario.gc.ca.
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