New financial assistance for Quebec's SADC and CAE Small Business Support initiative

These organizations can rely on nearly $1.4 million to support an initiative for women and Indigenous entrepreneurs

LAC-BEAUPORT, QC, June 15, 2018 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)

The Government of Canada is committed to developing a strong regional economy by investing in job creation and in diversification strategies that build on innovation to develop lasting regional competitive advantages. Support for organizations that provide community businesses with front-line services is an ideal way to reach economic growth targets.

That is why CED is announcing a new contribution to Quebec'sRéseau des SADC et CAE to enhance the Small Business Support initiative, which is designed to support a pilot project targeting businesses owned by women and by Indigenous people so that they can expand their business activities.

Rémi Massé, Member of Parliament for Avignon–La Mitis–Matane–Matapédia, made the announcement on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED. The $1,360,000 contribution is in addition to the $4.5 million financial commitment announced in 2016 for the implementation of the Small Business Support initiative, which covers four areas of intervention: innovation, the integration of communication technologies, sustainable development, and business succession and transfer. With this additional funding, Quebec's SADCs and CAEs plan to assist 100 businesses owned by women and 30 businesses owned by Indigenous people over the next year.

The financial assistance has been granted through CED's Quebec Economic Development Program.

The contribution offers SADCs and CAEs new means to fulfill their mission to support start-up businesses, provide financial assistance for SME growth strategies, support innovation and foster the development of local economies. The Small Business Support project and its dedicated component for women and Indigenous people is a new way for SADCs and CAEs to contribute to the Government of Canada's priorities.

In Quebec, around 10,000 businesses benefit from the services of these two organizations every year. This translates to an average annual investment of $70 million in Quebec communities, through business loans, and in more than 1,000 economic development projects.

Quotes

"The SADCs and CAEs are vital regional economic development partners. I have been involved with the SADCs and CAEs for many years and I can attest to the help they provide for local entrepreneurs and SMEs. This new pilot project to support businesses owned by women and Indigenous people is an initiative that will make a real difference in our communities. I applaud the ongoing efforts of these organizations, which are contributing to the prosperity of our regions."

Rémi Massé, Member of Parliament for Avignon–La Mitis–Matane–Matapédia

"For over 35 years, Indigenous and women entrepreneurs have been at the heart of our concerns, and the SADC and CAE professionals are very familiar with the issues they face. This new contribution strengthens our offer and is helping us provide them with the expertise they need to implement growth strategies. The Small Business Support initiative is the perfect tool: in the last two years alone, it has allowed the SADCs and CAEs to help 801 SMEs carry out 841 projects. These actions have generated 1,011 jobs, and I am proud of the results, which are making our regions more prosperous."

Daniel Dumas, President, Réseau des SADC et CAE

"The SADCs and CAEs form an essential tandem to the economic development of Quebec regions. Clearly focused on community needs, their actions help create and maintain high-quality jobs that inevitably benefit the middle class. The combination of economic growth and job creation produces strong communities with a good standard of living."

The Honourable Navdeep Bains, Minister responsible for CED

Quick facts

• CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
• This year marks the 50^th anniversary of federal regional economic development in Quebec: half a century of concrete action dedicated to the development of the regions and local businesses.
• For more information on CED and its priorities, consult the 2018–19 Departmental Plan or visit www.dec-ced.gc.ca.

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SOURCE Canada Economic Development for Quebec Regions