Government of Canada Supports Economic Growth in Eastern

TRENTON, ONTARIO--(Marketwire - Oct. 21, 2011) - Eastern Ontario businesses and communities will benefit from a renewed investment in the region announced today by the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).

A Government of Canada investment of $30 million over the next three years will support the renewal of the Eastern Ontario Development Program, resulting in a greater number of economic development initiatives and improved partnerships.

"I am proud today to announce that our government is moving forward with its commitment to create jobs and economic growth here in eastern Ontario," said Minister Goodyear. "This additional investment in the Eastern Ontario Development Program will offer new opportunities for the people, businesses and communities in this region."

The program is managed by FedDev Ontario and funding will be delivered by 15 Community Futures Development Corporations located throughout rural Eastern Ontario.

"The Eastern Ontario Development Program has been a catalyst for business and community development across eastern Ontario for a number of years," said Dan Stanford, Chair of the Eastern Ontario CFDC Network. "We are pleased to continue our partnership with the Government of Canada so that Community Futures Development Corporations can support projects that will grow and diversify the regional economy."

To find out more about the Eastern Ontario Development Program and how to access program funding, please refer to the backgrounder.

Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.

Backgrounder

Eastern Ontario Development Program

The Eastern Ontario Development Program is an economic development initiative aimed at addressing economic challenges in eastern Ontario and taking advantage of innovative opportunities in the region. Since it was first announced, it has been renewed on annual and two-year terms. The three-year renewal of the program in 2011 is expected to result in more strategic economic development investments and improved partnerships that will benefit eastern Ontario businesses and communities.

Originally announced in Budget 2011, the Government of Canada's renewed commitment to the program is based on its success and a strong delivery model in partnership with eastern Ontario's 15 Community Futures Development Corporations (CFDCs). Applications will be solicited by each CFDC and assessed on their potential to stimulate local economic development and create jobs.

The renewed Eastern Ontario Development Program has been streamlined to improve program delivery by focusing on outcomes that align with FedDev Ontario's approach to promoting the development of a strong and diversified southern Ontario economy. CFDCs will consider project proposals in the following two areas:

Business Development, which supports projects that will lead to the growth of new and existing businesses within rural eastern Ontario communities. This includes initiatives in areas such as skills development, youth attraction, innovation and the adoption of information and communications technologies.

Community Innovation, which enables community-led economic development activities that enhance and diversify local economies. This includes projects identified within existing community plans that build on the communities' competitive economic advantages to establish or strengthen key economic sectors and/or retain and expand existing businesses.

Another key feature of the renewed program is the emphasis on collaborative projects that involve and benefit multiple communities. This provides CFDCs the opportunity to partner with other economic development organizations to invest strategically in high impact projects that benefit the region as a whole.

Since the program was launched, CFDCs have achieved the following results by working with community stakeholders from across the region to develop and implement projects that benefit the local economy:

more than $65 million has been invested in more than 5,500 business and community development projects;
more than 57,900 people have received work-related training;
more than 880 youth interns have been placed in not-for-profit and private sector organizations; and
an additional $307 million has been leveraged from partners such as local businesses, municipalities, and the Government of Ontario, at a ratio of $1 : $4.70.

The following CFDCs will be accepting project applications for the Eastern Ontario Development Program:

- 1000 Islands Community Development Corporation

- Community Futures Development Corporation of North & Central Hastings and South Algonquin

- Frontenac Community Futures Development Corporation

- Greater Peterborough Community Futures Development Corporation

- Grenville Community Futures Development Corporation

- Haliburton County Development Corporation

- Kawartha Lakes Community Futures Development Corporation

- Northumberland Community Futures Development Corporation

- Prescott-Russell Community Development Corporation

- Prince Edward/Lennox & Addington Community Futures Development Corporation

- Renfrew County Community Futures Development Corporation