New Growth Fund Open For Business



    McGuinty Government Backs Jobs, Drives Competitiveness In Eastern Ontario

    TORONTO, July 15 /CNW/ -

    NEWS

    Ontario is creating a new fund to help grow the local economy and create
jobs for people living in Eastern Ontario.
    The fund will provide $80 million, over four years, to help businesses
create new jobs, and invest in new technologies, equipment or skills training
for workers. It will also support economic development projects that will
attract or retain investment in Ontario-based industries and communities.
    Businesses that invest $500,000 or more in projects that create or retain
at least 10 jobs over five years are eligible for up to 15 per cent support.
Also, agencies, associations and NGOs leading local economic development work
can qualify for 50 per cent support for projects valued at $100,000 or more.
    To apply or get more information, visit: www.ontario.ca/easternfund or
call 1-866-909-9951. Applicants will know if their proposals are successful
within 45 days of submitting a complete proposal.
    Through this fund, the government is taking action to support a changing
economy. Along with similar funds targeting the province's manufacturing
sector and rural communities, its goal is to ensure Ontario grows stronger by
attracting jobs and investment.

    QUOTES

    "Investing in innovation and skills development will strengthen our
current economy, build the economy of tomorrow and help this vital region
reach its full potential," said Premier McGuinty.
    "With its emphasis on smaller companies and community-driven investment
attractions including the industrial, agriculture and tourism sector, this
fund is custom-made for eastern Ontario," said MPP Jean-Marc Lalonde.
    "Eastern Ontario has an abundance of skilled, talented business people
and local groups dedicated to generating jobs and opportunity. This investment
is a great vote of confidence," said MPP Jim Brownell.

    
    QUICK FACTS

      -  At over $400 billion, Ontario's GDP is already greater than
         Switzerland's or Sweden's.

      -  56 per cent of Ontario's workforce has a postsecondary education -
         the highest rate in the industrialized world.

      -  Ontario's labour force of over 7 million people made up almost
         40 per cent of Canada's total workforce in 2006.
    

    LEARN MORE

    Find out about programs supporting manufacturing
    (http://www.ontariocanada.com/ontcan/en/progserv_main_en.jsp), small
    business (http://www.sbe.gov.on.ca/ontcan/sbe/en/home_en.jsp) and rural
    Ontario
    (http://www.omafra.gov.on.ca/english/rural/ind_tools_resources.htm).


    See an overview of Ontario's economy
    (http://www.2ontario.com/facts/fact01.asp).

    Read more about Ontario's highly diversified economy through key industry
    profiles (http://www.2ontario.com/industry/home.asp).

    
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For further information:

For further information: Premier's Media Office: (416) 314-8975

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