LOCAL ECONOMIC DEVELOPMENT:
The Government of Canada Reaffirms its Commitment to Outaouais SADCs and Invests Nearly $10 Million to Support the Region’s Entrepreneurial Ecosystem
Gatineau, July 17, 2024 – The Outaouais SADCs welcome the announcement of new five-year contribution agreements between Canada Economic Development for Quebec Regions (DEC) and Quebec’s network of 57 SADC (Sociétés d’aide au développement des collectivités) and 10 CAE (Centres d’aide aux entreprises).
Historic investments of $245 million will ensure the operation of the 67 SADC and CAE in Quebec and their network. These investments will also ensure the equitable delivery of key business lines across rural and semi-urban regions of Quebec, including local economic development, support, and financing for entrepreneurs.
Specifically, in Outaouais, the SADC de Papineau-Collines, SADC Pontiac, and SADC de la Vallée-de-la-Gatineau will receive investments totaling $9.9 million. The three SADCs in the region will also strengthen their local interventions, particularly by increasing their efforts to address the current economic challenges faced by entrepreneurs.
This new agreement with the Government of Canada will enable the SADC and CAE to create new financial products to help entrepreneurs address their key economic challenges such as green and digital transitions, as well as issues related to business transfers and youth entrepreneurship. These investments amount to $600,000 for each SADC in the region. Notably, these funds come from repayments by entrepreneurs who received loans through the Regional Relief and Recovery Fund, a fund established by the Government of Canada in response to the challenges posed by the health crisis in 2020.
Funding to Strengthen Our Local Intervention
Additionally, from the returns of the Regional Relief and Recovery Fund, a $28 million envelope will allow each SADC and CAE, as well as the Network, to enhance their intervention capacity. Specifically, each SADC and CAE will have access to additional funds of $335,000 to bolster their local economic development efforts and provide technical assistance to entrepreneurs.
Quotes:
“SADC and CAE play an essential role in the economic development of our region. Their commitment to supporting small and medium-sized enterprises greatly contributes to the vitality and resilience of our community. The Government of Canada supports this transition, valuing SADC and CAE as key partners. I commend the work of the professionals and volunteers who respond to the specific needs of our region, bringing expertise, support, and innovation to build a green and prosperous future.”
— Sophie Chatel, Member of Parliament for Pontiac-Kitigan Zibi“In Outaouais, we benefit from three SADC whose actions add considerable value to our SMEs’ projects. Their relentless work creates and maintains quality jobs, thereby enhancing regional prosperity. Communities must strategically diversify by focusing on innovation to develop sustainable competitive advantages. The Government of Canada prioritizes support for this transition, and it is crucial for organizations like SADC and CAE to be established in our communities. Their direct contact with local socio-economic actors allows them to understand issues well and act effectively on the ground. Economic growth and competitive SMEs contribute to building strong and welcoming communities for the middle class.”
— Stéphane Lauzon, Member of Parliament for Argenteuil-La Petite-Nation
Some Impacts of SADC and CAE on Quebec’s Economy
Investments in SADC and CAE pay off! According to a study conducted by Aviseo Conseil for the period 2019 to 2023, SADC and CAE have resulted in an increase of $458 million in Quebec’s real GDP, of which $85 million comes from our loan investments and $273 million is generated by the increased five-year survival rate of businesses supported by SADC and CAE. It is worth noting that a Statistics Canada study shows that this rate is more than double among our clients.
