May 1, 2009
DEVOLIN SUPPORTS $20 MILLION INVESTMENT TO PROMOTE ECONOMIC GROWTH IN EASTERN
ONTARIO
LINDSAY – Local MP Barry Devolin on behalf of the Honourable Tony Clement, Minister of Industry and Minister responsible for FedNor, today confirmed that a strategic investment by the Government of Canada in support of economic development projects will benefit communities and businesses throughout Haliburton-Kawartha Lakes-Brock.
A Government of Canada investment of $20 million will support the renewal of the Eastern Ontario Development Program (EODP) for two years. The funding will help grow and diversify the regional economy by ensuring communities and businesses receive the support they need to be successful (see attached backgrounder).
Managed by Industry Canada through FedNor, the Eastern Ontario Development Program will be delivered by the 15 Community Futures Development Corporations (CFDC) located throughout rural Eastern Ontario.
“Each CFDC is community-based, not-for-profit organizations, staffed by professionals and are each governed by local volunteer boards of directors familiar with their communities' needs, concerns and future development priorities,” said Devolin. “The EODP takes a community based approach to economic development – one that encourages local stakeholders to work together to create a competitive and diversified regional economy,”
“Our government is taking action to strengthen the economy of rural Eastern Ontario,” said Minister Clement. “This $20-million investment delivers on our commitment outlined in Canada’s Economic Action Plan to help develop a competitive and diversified economy, create jobs and ensure the region’s long-term growth and prosperity.”
“We are proud to partner with the Government of Canada to deliver this important initiative for rural Eastern Ontario communities,” said J. Allan Thom, Chair of the Eastern Ontario CFDC Network. “This funding will ensure Community Futures Development Corporations throughout Eastern Ontario can continue to support local projects that will lead to job creation, business development and sustainable, self-reliant communities in the region.”
To find out more about Ontario CFDCs and the Eastern Ontario Development Program, visit:
http://cfdc-ontario.ic.gc.ca.
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For more information, please contact:
Barry Devolin, MP
(705) 879-9364 or (866) 688-9881
Industry Canada/FedNor Information
EASTERN ONTARIO DEVELOPMENT PROGRAM
The Eastern Ontario Development Program (EODP) is an economic development initiative first announced by Prime Minister Stephen Harper in August 2006, aimed at addressing socio-economic challenges in rural Eastern Ontario. The Program benefited from a $10 million-a-year investment in 2006, 2007 and 2008. On May 1, 2009, the Honourable Tony Clement announced a two-year investment in the EODP totaling $20 million. The longer-term commitment in the EODP is expected to result in a greater number of strategic economic development initiatives and improved partnerships to benefit Eastern Ontario communities.
The EODP is managed by Industry Canada through FedNor and provides resources to Community Futures Development Corporations (CFDCs) which invest in projects within six key economic development priorities:
· Innovation and deployment of Innovation Communication Technology (ICT);
· Business Development;
· Community Development;
· Skills Development;
· Attraction and Retention of Youth; and,
· Improved Access To Capital and Leveraged Capital.
Since 2006, community stakeholders from across Eastern Ontario have worked with their local CFDCs to develop and implement EODP projects to benefit the local economy. In 2008 alone, nearly $50 million in EODP-related activity was generated including:
· more than 2,730 enquiries from stakeholders;
· in excess of 1,447 proposals being submitted and considered with a total value of more than $13 million;
· 985 approved rural Eastern Ontario projects valued at more than $7.5 million; and
· an additional $29 million leveraged from other sources.
The benefits of the EODP on rural Eastern Ontario communities are widespread. EODP projects are selected through a local decision-making process to complement the needs and priorities identified by the community, and on their potential to stimulate local economic development and create jobs.
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