A $700-million federal program to support regional job creation and to position local economies for long-term growth will be delivered by Canada’s regional development agencies. Announced in Budget 2022, the new fund will be delivered nationally over three years.
The fund aims to support regional efforts and stimulate economic recovery by investing in job-creation projects that build resiliency, and that will develop methods that will minimize shocks and stresses of future events. This includes support for transitioning to a green economy; enhancing Canada’s competitiveness through digital adoption to improve productivity and manufacturing processes; and to strengthen capacity in sectors critical to Canada’s recovery and growth.
Businesses that qualify could receive interest-free, repayable contributions up to 50% of authorized costs. Not-for-profit organizations that meet eligible criteria could receive non-repayable contributions up to 90% of authorized costs.
The seven Regional Development Agencies across Canada that offer services and programs include: Pacific Economic Development Canada (PacifiCan); Prairies Economic Development Canada (PrairieCan); Canadian Northern Economic Development Agency (CanNor); Federal Economic Development Agency for Southern Ontario (FedDev Ontario); Federal Economic Development Agency for Northern Ontario (FedNor); Canada Economic Development for Quebec Regions (CED); Atlantic Canada Opportunities Agency (ACOA).
For more information, and to find out if you may qualify for these benefits, call Jason Adams, 877-753-2678, or email Jason [email protected]