Tuned in to the regions - Tuned in to business - Government of Canada supports business succession and startups in the regions

    DOLBEAU-MISTASSINI, QC, Sept. 4 /CNW Telbec/ - Speaking to members of the
Chambre de commerce de Dolbeau-Mistassini, the Honourable Jean-Pierre
Blackburn, Minister of Labour and Minister of Canada Economic Development,
announced an agreement-in-principle with the Quebec Community Futures
Development Corporation Common Fund to set up a startup and succession fund in
the regions.
    Canada Economic Development's contribution could reach $6 million.
Implementation of this measure would be carried out in partnership with the
Quebec CFDC Common Fund, which would invest an equal amount, and the Network
of CFDCs. With the participation of some venture capital corporations active
in Quebec (QFL Regional Solidarity Funds, FIER Montestrie Capital, Desjardins
Venture Capital and the Business Development Bank of Canada), this fund would
make nearly $40 million available to business people. Although the terms and
conditions of this fund have yet to be determined, it could promote the
creation of new enterprises, facilitate the local transfer of business
ownership and maintain jobs in the regions.
    "This fund would provide an effective and forward-looking means of
supporting regional entrepreneurship and building a diversified and
competitive economy. We would be able to provide concrete support to
businesses at particularly critical times in their existence. Moreover, the
leverage of Canada Economic Development and its partners would have beneficial
effects on entrepreneurs and, consequently, on the socioeconomic vitality of
many Quebec communities," said Minister Blackburn.
    This $6 million in funding is contingent upon compliance with the
Government of Canada's funding approval process and the signing of
contribution agreements between Canada Economic Development and the client.

For further information:

For further information: Nadia Marceau, Communications, Canada Economic
Development, (418) 668-4602, 1-800-463-9808, Cell.: (418) 321-0295,
nadia.marceau@dec-ced.gc.ca; Natalie Boileau, Office of the Honourable
Jean-Pierre Blackburn, Canada Economic Development, (819) 953-5646,
natalie.boileau@hrsdc-rhdsc.gc.ca; Subscribe to the Agency's news releases at
http://www.dec-ced.gc.ca/asp/SalleNouvelles/acces_personnalise.asp?LANG=EN to
keep up with the latest news.

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