The Sherbrooke Community Economic Development Corporation will benefit from stable funding over the next three years

The Government of Canada awards almost $470,000 in funding to the Sherbrooke CEDC

SHERBROOKE, QC, July 26, 2019 /CNW/ - Canada Economic Development for Quebec Regions (CED)

The Sherbrooke Community Economic Development Corporation (CEDC) is a non-profit organization that works to ensure local economic development in disadvantaged neighbourhoods of Sherbrooke by mobilizing and supporting collective entrepreneurship. In doing so, it helps encourage the community to be involved in taking charge of its future.

The Sherbrooke CEDC will receive a $469,956 non-repayable contribution from Canada Economic Development for Quebec Regions. The funding will allow the organization to support the development of an innovative and inclusive ecosystem. The project will create a sustainable socio-economic environment that promotes the well-being and development of the community and individuals.

The funding was announced today by the Honourable Marie-Claude Bibeau, Member of Parliament for Compton–Stanstead and Minister of Agriculture and Agri-Food. Specifically, this Government of Canada assistance will allow the Sherbrooke CEDC to develop and implement original solutions tailored to known devitalization issues, while providing the necessary support to foster the emergence and consolidation of businesses.

Founded in 1998, the Sherbrooke CEDC has approximately 70 members. It is one of the three Quebec community economic development corporations (CEDCs); the other two are located in Québec and Trois‑Rivières. Their mandate focuses on three components: financial services for businesses; employability development; and local development through the implementation of growth-generating projects and support for entrepreneurship.

For over 20 years now, the Sherbrooke CEDC has been creating and developing inspiring activities and helping entrepreneurs, organizations and citizens invest in the development of growth-generating social innovation projects and in the creation and growth of social economy enterprises. With its expertise, business network and access to funding, the CEDC is able to assist them in their development.

Quotes

"The renewal of the agreement between the Government of Canada and the Sherbrooke CEDC is good news for the region. The financial stability it provides will allow the organization to fulfill its mission and target the achievement of priority objectives—and this means a diversified local economy."

The Honourable Marie-Claude Bibeau, Member of Parliament for Compton–Stanstead and Minister of Agriculture and Agri-Food

"We are committed to investing in our economy, strengthening the middle class, and helping those working hard to join it. That's why we support the entrepreneurs, small business owners and organizations that are key to the economic growth of communities in Canada."

The Honourable Navdeep Bains, Minister responsible for CED

"Boosting economic activity in communities contributes to the current and long-term prosperity of Quebec and Canada. With the help of this support from Canada Economic Development, the CEDC will continue to provide entrepreneurs with customized support and, in so doing, will be contributing to the well-being of the community and the region."

Josée Fontaine, Chair of the Board of Directors, Sherbrooke CEDC

Quick facts

• 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.
• The funding was provided under CED's Quebec Economic Development Program. To find out more about CED and its priorities, see the2019–2020 Departmental Plan or visit www.dec-ced.gc.ca.

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SOURCE Canada Economic Development for Quebec Regions

Media Relations, Canada Economic Development for Quebec Regions, Tel.: [phone], Email: [email protected]