LOCAL ECONOMIC DEVELOPMENT:
The Government of Canada reiterates its commitment to the SADCs and CAEs and invests $245 million As part of its annual congress, the Network of SADCs and CAEs announces today, alongside the Honorable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for Economic Development Canada for the regions of Quebec, new five-year contribution agreements between EDC and the Network and the 67 SADCs (Community Economic Development Corporations) and CAEs (Entrepreneurship Development Centers) in Quebec.
These total investments of $245 million will ensure the functioning of our organizations and equitably deliver, across the rural and semi-urban regions of Quebec, the primary lines of business of SADCs and CAEs, namely local economic development, support, and financing for entrepreneurs. The SADCs and CAEs will also strengthen their local interventions, particularly by enhancing their actions to address the current economic challenges faced by entrepreneurs.
“The regions of Quebec face unique economic challenges, and the SADCs and CAEs are here to help them tackle these issues. We have ambition for our regions, and with our main business partner, Economic Development Canada for the regions of Quebec, along with local partners, we will continue to drive collective and business projects toward success,” states Pascal Harvey, President and CEO of the Réseau des SADC et CAE.
Targeted investments to address entrepreneurs’ challengesThis new agreement with the Government of Canada will allow SADCs and CAEs to create new financial products to help entrepreneurs address their key economic issues, such as the green and digital transition, as well as challenges related to business transfer and youth entrepreneurship.
Funding to strengthen our local interventions and leverage a vast national network of expertiseEach SADC and CAE will have access to additional funds of $335,000 to enhance its interventions in local economic development and technical assistance for entrepreneurs. A portion will also be allocated to the Network to strengthen its advisory role and offer more services to the 67 SADCs and CAEs, notably through the hiring of new shared resources and increased support in optimizing their business processes.
“SADCs and CAEs make a real difference in our communities and businesses throughout Quebec. EDC is proud to count on the Network and its members, true key partners, for the prosperity of our regions and their businesses for now 29 years. Kudos to the professionals and volunteers of your organizations who closely attend to the needs of the Quebec entrepreneurial ecosystem,” states the Honorable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for EDC.
In summary, these new agreements will allow SADCs and CAEs to continue their mission within their communities while relying on the expertise of a vast national network for the benefit of communities and entrepreneurs. A competent, personalized, and human action that truly contributes to the development, success, and ultimately, the survival of businesses, as testified by Pascale St-Amand, owner of La Crèmerie du Potager in Rivière-du-Loup: “I found funding at the CEDC, but more importantly, I was able to count on compassionate support. I was impressed by my advisor Sylvie’s comprehensive vision, who opened up a multitude of solution pathways for my business project.”
Some impacts of SADCs and CAEs on the Quebec economyInvestments within SADCs and CAEs yield results! According to a study conducted by Aviseo Conseil for the period of 2019 to 2023, SADCs and CAEs have led to an increase in Quebec’s real GDP of $458 million, of which $85 million comes from our loan investments and $273 million is generated by the increased survival rate of businesses supported by SADCs andCAEs after five years. Let’s recall that a Statistics Canada study shows this business survival rate is more than double among our clientele.
About the Network of SADCs and CAEsThe Network of SADCs (Community Economic Development Corporations) and CAEs (Entrepreneurship Development Centers) brings together 57 SADCs and 10 CAEs that have been working for over 35 years on the economic development of their communities. More than 1,000 professionals and volunteers support and finance over 10,000 entrepreneurs and 1,000 local economic development projects every year.
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The Community Development Program (CDP)This pan-Canadian program supports local economic development and strengthens the capacity of communities to realize their full potential sustainably. The main objectives of this program are:
- stability, economic growth, and job creation;
- diversified and competitive local economies in rural areas;
- the development of sustainable communities.
Through this program, EDC financially supports the SADCs and CAEs that work on community development in the regions of Quebec.
CONTACT INFORMATION
Christine Pilote, Director of Communications | Tel: 581 999-6363 |
[email protected]
