Government of Canada Invests in Southeastern Ontario's Innovative Small Businesses

BELLEVILLE, ONTARIO--(Marketwired - March 18, 2014) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

Daryl Kramp, Member of Parliament for Prince Edward-Hastings announced today a $12-million, non-repayable contribution to the Eastern Ontario Community Futures Development Corporation Network Inc. to allow it to continue to deliver the Southern Ontario Fund for Investment in Innovation in southeastern Ontario (SOFII East). He made the announcement of behalf of FedDev Ontario Minister of State Gary Goodyear.

This contribution is made possible through FedDev Ontario's Prosperity Initiative.

The top-up to the fund will help to address new demand for loans, with a focus on the information and communications technology and food processing sectors.

Today's announcement regarding the fund followed a series of stakeholder roundtables Minister Goodyear held in the past few months regarding challenges and opportunities for southern Ontario's economy.

Quick Facts

• Projects supported through both SOFII West and SOFII East qualify for interest-bearing loans valued from $150,000 to $500,000.
• The loans aim to address the growth challenges faced by innovative small- and medium-sized enterprises, including: late-stage commercialization; development of a new product or service; finding new applications or markets; and the development or implementation of new processes or technologies.
• In July 2012, FedDev Ontario announced that the Eastern Ontario Community Futures Development Corporation Network Inc. would receive a non-repayable contribution of up to $8 million under the Prosperity Initiative to capitalize and manage SOFII East, a self-sustaining, revolving loan fund, delivered in southeastern Ontario.

Quotes

"Our Government is aware that small- and medium-sized businesses are the drivers of our economy. SOFII East has a proven track record of fostering innovation as creating jobs in southeastern Ontario. I look forward to seeing the innovative new projects that the Eastern CFDC Network will support with these additional funds."

Daryl Kramp, Member of Parliament for Prince Edward-Hastings

"We know the challenges small businesses can face in bringing new developments to market, and making timely, critical investments to stay competitive. SOFII East provides opportunities for small companies to secure the capital they need to overcome these challenges, and we are thrilled to be able to continue offering these loans."

Christine Dukelow, Chair, Eastern Ontario Community Futures Development Corporations Network Inc. Board of Directors

"LGF has been fortunate to have received support from the Prince Edward/Lennox & Addington CFDC and FedDev Ontario in the area of equipment acquisition for our firm. This much-needed support allowed us to move forward with development in the field of manufacturing for components in the solar market for regional and international markets. Without this support our growing focus of development would have been curtailed and reduced in its scope."

Karl Hollett, Director - LGF Manufacturing

Related Products

- Speech: Southern Ontario Fund for Investment in Innovation Top-Ups

Associated Links

- Eastern Ontario Community Futures Development Corporation Network

- Southern Ontario Fund for Investment in Innovation

- FedDev Ontario programs

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