Equipment and technology mutualization: A lever to develop Quebec's social economy enterprises

CED continues to build solid, inclusive growth by creating the conditions for social economy enterprises and organizations to contribute to this growth to their full potential.

GATINEAU, QC, Nov. 28, 2024 /CNW/ - Canada Economic Development for Quebec Regions (CED)

Social economy enterprises play a key role in the economic and social vitality of Quebec's regions, but they also have challenges to overcome to fulfill their mission. One of these challenges is that these enterprises do not always have access to the resources they need to develop and prosper.

That is why the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, today announced new support for social economy mutualization projects under CED's Quebec Economic Development Program (QEDP). Through this targeted assistance, CED will invest $5M from the QEDP's regular budget to boost social economy enterprises that come together to share their equipment and technology in order to increase their sustainability, productivity, growth or capacity to commercialize and innovate.

This new funding will thereby enable social economy enterprises to optimize resource use, reduce costs, improve environmental efficiency, counter the labour shortage, access expertise, and make substantial savings.

This CED support complements the measures and programs implemented by federal, provincial and regional partners, as well as sector stakeholders. CED is now accepting funding applications; organizations are invited to consult the eligibility criteria on CED's website.

Quote

"We know how important social economy enterprises are for our communities. With this announcement, we are giving them the means they need to be able to continue to innovate. It was important for me and for our government to recognize the social economy in our programs. The target is to help the businesses and organizations develop and prosper in order to generate impacts within their communities."

The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED

Quick facts

• CED is the key federal partner in Quebec's regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow's economy.
• In Quebec, the social economy represents over 11,200 enterprises that generate approximately $49B in revenue and have close to 220,000 workers.
• CED's support for social economy mutualization projects is a pilot project. It aligns with CED's vision and willingness to build sustainable, inclusive growth to which each part of Quebec's economy can contribute fully.
• The funding announced today is for social economy enterprises active in the agri-food, manufacturing or environmental and sustainable development sectors, as well as for non‑profit organizations leading mutualization projects for social economy enterprises in these sectors. This funding complements the support CED offers to collective entrepreneurship under the project with the Chantier de l'économie sociale.

Associated links

• Support for Social Economy Mutualization Projects
• Launch of call for social innovation projects in Montréal's East End
• CED funding initiatives and programs

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SOURCE Canada Economic Development for Quebec Regions

Information: Media Relations, Canada Economic Development for Quebec Regions, [email protected]; Jean-Christophe Armstrong, Press Secretary, Office of the Minister of Tourism and Minister responsible for Canada Economic Development for Quebec Regions, Cell: 343-543-7313, [email protected]