December 21, 2010

St. Thomas, Ontario — Small businesses in Elgin-Middlesex-London will benefit from a new $1,110,000 investment in the Elgin Business Resource Centre announced today by MP Joe Preston, on behalf of the Honourable Gary Goodyear, Minister of State (FedDev Ontario).

“This investment will help rural communities strengthen and diversify their local economies,” said MP Preston.  “It will also give small- and medium-sized businesses in southern Ontario opportunities to grow and create new jobs.”

The announcement is part of a larger investment of up to $11.1 million through the Community Adjustment Fund for 13 Community Futures Development Corporations (CFDCs) in southern Ontario. The additional funding will enable the CFDCs to increase access to capital for rural small businesses and not-for-profit organizations.

“This new installment of CAF money comes at a very crucial time for the EBRC. The demand for our business services and loans has increased steadily over the last year while our access to capital continued to get critically low. This top-up of investment funds allows the Centre to continue loaning out money to qualifying Elgin businesses that are just starting out, maintaining operations, or expanding their overall business. These funds will help numerous Elgin businesses thrive and secure bright futures,” said John Regan, EBRC General Manager.

The Community Adjustment Fund is just one in a series of initiatives introduced in the Government of Canada’s Economic Action Plan designed to address the short-term effects of the global economic downturn on communities across Canada, while preparing communities for long-term growth.

FedDev Ontario delivers the Community Adjustment Fund in southern Ontario and has invested in a variety of projects that support economic development, innovation, diversification and job creation, including $27.8 million committed to CFDCs in 2009/2010. For more information, please see the backgrounder.

FedDev Ontario supports 37 Community Futures Development Corporations in southern Ontario that serve rural businesses and communities. Funded through the Community Futures Program, these community-based, not-for-profit organizations offer a wide variety of programs and services supporting community economic development and small business growth and are run by a board of local volunteers and staffed by experienced business professionals. For more information, visit www.ontcfdc.com.

FedDev Ontario was created as part of Canada’s Economic Action Plan to support businesses and communities in southern Ontario. Now in its second year of operation, the Agency is delivering 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 support businesses and other organizations through partnerships and investments in skills and training; innovation; research and development; and increased productivity. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.