LOCAL ECONOMIC DEVELOPMENT: The Government of Canada reiterates its commitment to the SADCs and SADCs and invests $245 million
As part of its annual conference, the Network of SADCs and SADCs announced today, alongside the Honorable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for Economic Development Canada for the regions of Quebec (DEC), new five-year contribution agreements between DEC and the Network as well as the 67 SADCs (Community Futures Development Corporations) and CAEs (Business Development Centres) in Quebec.
These total investments of $245 million will ensure the operations of our organizations and deliver equitably across the rural and semi-urban regions of Quebec the core business lines of the SADCs and CAEs, which are 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 facing entrepreneurs.
“The regions of Quebec face unique economic challenges, and the SADCs and CAEs are here to help them overcome them. We have ambition for our regions, and with our main business partner Economic Development Canada for the regions of Quebec, along with other local partners, we will continue to propel collective and business projects toward success,” states Pascal Harvey, CEO of the Réseau des SADC et CAE.
Targeted investments to address entrepreneurs’ challenges
This new agreement with the Government of Canada will allow the SADCs and CAEs to create new financial products to help entrepreneurs address their priority economic challenges, such as the green and digital transitions, as well as issues related to business transfer and youth entrepreneurship.
Funding to strengthen local interventions and rely on a vast national network of expertise
Each SADC and CAE will have access to additional funds of $335,000 to enhance its local economic development and technical assistance interventions for entrepreneurs. A portion of the funds will also be allocated to the Réseau to strengthen its advisory role and offer more services to the 67 SADCs and CAEs, notably by hiring new shared resources and providing increased support in optimizing their business processes.
“The SADCs and CAEs make a real difference in our communities and companies across Quebec. DEC is proud to rely on the Network and its members, true key partners, for the prosperity of our regions and their businesses for the past 29 years. Kudos to the professionals and volunteers at your organizations who closely attend to the needs of the Quebec entrepreneurial ecosystem,” says the Honorable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for DEC.
In summary, these new agreements will allow the SADCs and CAEs to continue their mission within their communities while leveraging the expertise of a vast national network for the benefit of communities and entrepreneurs. A competent, personalized, and human action that genuinely contributes to development, success, and ultimately the survival of businesses, as evidenced by Pascale St-Amand, owner of Crèmerie du Potager in Rivière-du-Loup: “I found funding at the CFDC, but more importantly, I relied on compassionate support. I was impressed by my advisor Sylvie’s comprehensive vision, which opened up a multitude of solution avenues for my business project.”
Some impacts of the SADCs and CAEs on the Quebec economy
Investments in SADCs and CAEs yield returns! According to a study conducted by Aviseo Conseil from 2019 to 2023, the SADCs and CAEs generated an increase of $458 million in Quebec’s real GDP, of which $85 million stemmed from our lending investments and $273 million were generated by the increased five-year survival rate of businesses supported by the SADCs and CAEs. It is worth noting that a Statistics Canada study shows that this survival rate is more than double among our clientele.
About the Réseau des SADC et CAE
The Network of SADCs (Community Futures Development Corporations) and CAEs (Business Development Centres) comprises 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 each year. www.sadc-cae.ca
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The Community Development Program (CDP)
This nationwide program supports local economic development and enhances community capacity to realize their full sustainable potential. The main objectives of this program are:
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- stability, economic growth, and job creation;
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- diversified and competitive local economies in rural areas;
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- the development of sustainable communities.
Through this program, DEC financially supports the CFDCs and AEDs that work on community development in the regions of Quebec.
CONTACT INFORMATION Christine Pilote, Director of Communications | Tel.: 581 999-6363 | [email protected]