$245 million for economic development in Quebec's rural communities
CED announces renewed agreements with SADCs, CAEs, Réseau des SADC et CAE and Capital Réseau.
RIVIÈRE-DU-LOUP, QC, June 14, 2024 /CNW/ - Canada Economic Development for Quebec Regions (CED)
The 57 Sociétés d'aide au développement des collectivités (SADC), the 10 Centres d'aide aux entreprises (CAE), the Réseau des SADC et des CAE, and Capital Réseau play a key role in economic development in Quebec's rural communities. Supporting regional economic diversification is a priority of the Government of Canada; as a result, these organizations will benefit from a total of $245M in financial assistance. The Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, made the announcement today.
More specifically, $177M in support for the 2024‑2029 period will enable them to pursue their mission in rural communities, which involves fostering the development of local economies, supporting start‑ups, and helping SMEs with their growth strategies, all while paying particular attention to more devitalized sectors. In addition to this amount, access is being provided to a further $68M to strengthen the organizations' capacity for intervention and to make investments towards the green shift, digital technology, the transfer of businesses to rural areas, and youth. This new funding approach will provide the organizations with means and flexibility, in addition to reinforcing their capacity to act based on a new regional and community intervention model.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec's economic growth relies on organizations with strong roots in the regional economy; they represent key assets in building a sustainable, inclusive economy.
"The SADCs and CAEs make a real difference in our communities and our businesses across the province. CED is proud to be able to count on the network and its members, true key partners for 29 years now in ensuring our regions and their businesses prosper. Congratulations to your organizations' professionals and volunteers, who attend so closely to the needs of Quebec's entrepreneurial ecosystem."
The Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED
"Quebec's regions are facing economic challenges that are unique to them, and the SADCs and CAEs are here to help them surpass these challenges. We have ambition for our regions and, with our primary business partner Canada Economic Development for Quebec Regions, and alongside community partners, we will continue to propel community and business projects forward towards success."
Pascal Harvey, President-General Director, Réseau des SADC et CAE
- The contribution being announced has been granted under the Community Futures Program (CFP), which is delivered in Quebec by CED. This national program supports local economic development and strengthens the capacity of communities to develop their full potential in a sustainable manner.
- The partnership between CED, the SADCs, the CAEs, and the Réseau des SADC et CAE is materialized through the signing of contribution agreements and aims to sustain this productive collaboration to the benefit of Quebec's rural communities.
- Each year, some 10,000 businesses receive services from the SADCs and CAEs, which translates into an average annual investment of $70 million in Quebec's communities. Moreover, the SADCs are involved in over 1250 economic development projects annually.
- In Quebec, SMEs account for 99.7% of the province's businesses and 50% of its GDP.
- CED is the key federal partner in Quebec's regional economic development. Thanks to its 12 regional business offices, CED accompanies businesses, supporting organizations, and all regions across Quebec into tomorrow's economy.
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SOURCE Canada Economic Development for Quebec Regions
Information: Media Relations, Canada Economic Development for Quebec Regions, [email protected]; Marie-Justine Torres, Press Secretary, Office of the Minister of Tourism and Minister responsible for Canada Economic Development for Quebec Regions, Cell: 613-327-5918, [email protected]
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