Government invests $100 million in small and medium businesses across the country, including $26 million for Quebec
SAGUENAY, QC, March 11, 2019 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
The Government of Canada is delivering on its commitment to support Canada's steel and aluminum workers and businesses.
Today, Richard Hébert, Member of Parliament for Lac-Saint-Jean and Parliamentary Secretary to the Minister of Small Business and Export Promotion announced the launch of the Regional Economic Growth through Innovation (REGI) Steel and Aluminum Initiative, a national initiative through which the Government of Canada will invest $100 million nationally, including $26 million through Canada Economic Development for Quebec Regions (CED), in targeted support for SMEs of the steel and aluminum sectors.
Delivered by Regional Development Agencies (RDAs), the Regional Economic Growth through Innovation (REGI) Steel and Aluminum Initiative will provide targeted support to Canadian businesses within the steel, aluminum and manufacturing sectors. This initiative will provide SME steel and aluminum users with non-repayable contributions for projects that will enhance their productivity, innovation or competitiveness, for instance by adopting new innovative technologies, and create more highly skilled jobs.
Canada's steel and aluminum sector is an important contributor to our economy and to our manufacturing supply chains, providing thousands of Canadians with good, middle-class jobs. This initiative will provide SMEs with consistent support across all regions of Canada, while allowing for support to be tailored to fit and benefit regional needs.
"The REGI - Steel and Aluminum Initiative that CED will deliver in Quebec is important for our regions as well as timely. It will make a significant difference by helping SMEs in the steel and aluminum sectors to position themselves in a difficult economic environment and by encouraging them to focus on innovation to seize new opportunities that will emerge."
– Richard Hébert, Member of Parliament for Lac-Saint-Jean and Parliamentary Secretary to the Minister of Small Business and Export Promotion
"In the face of unjust and illegal US tariffs hurting businesses and workers on both sides of the border, our government is standing shoulder-to-shoulder with our hard-working steel and aluminum workers and users of their world-class products. Our investment to support small- and medium-sized producers and users across the country will help businesses innovate to drive productivity, scale up, and expand into new markets to create good middle-class jobs."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"Small and medium-sized businesses (SMBs) in our steel and aluminum industries make important contributions to our economy and to our communities by creating good, middle-class jobs. Our government recognizes that SMBs are the backbone of our economy and that by investing in their success, we invest in the success of all Canadians."
– The Honourable Mary Ng, Minister of Small Business and Export Promotion
- 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.
- Regional development agencies are one of Canada's four flagship platforms supporting innovation, along with the Industrial Research Assistance Program, the Strategic Innovation Fund and the Canadian Trade Commissioner Service.
- The Regional Economic Growth through Innovation program builds on the objectives of the Innovation and Skills Plan by providing regionally tailored, nationally consistent support for business productivity and scale-up and to assist the enhancement of regional technology clusters and innovation ecosystems.
- This initiative is expected to support approximately 300 SME users of steel and aluminum across Canada.
- In 2017, Canada's steel and aluminum industry employed more than 33,500 Canadians and contributed $7.6 billion to Canada's gross domestic product.
- For 50 years now, the Government of Canada has been actively involved in regional economic development in Quebec: half a century of concrete action targeting the growth of Quebec's regions and businesses.
- For more information on this project, please see the attached backgrounder.
SOURCE Canada Economic Development for Quebec Regions
For further information: Media Relations, Canada Economic Development for Quebec Regions, 514-283-7443, [email protected]