Who is this and why are they giving away so much money?
Innovation, Science, and Economic Development Canada (ISEDC) is a federal department with a mandate to encourage innovation, science, and economic development in Canadian companies. In this case, the federal government has put a lot of money behind the idea.
You’d probably never heard of this department. That’s because all their programs are administered through 7 regional development agencies – ACOA (Atlantic Canada), CED (Quebec), FedDevOntario (Southern Ontario), FedNor (Northern Ontario), PrairiesCan (Prairies), and PacifiCan (BC).
Through these development agencies, ISEDC distributes money in a wide variety of programs. They provide financial support for companies owned by traditionally underserved groups such as minorities, women, and disabled. Companies that are growing quickly and hiring people are eligible for interest-free loans to support their growth and hiring. The entire network of 267 Community Futures offices across Canada are an ISEDC initiative, run by the regional development agencies. If you have a company in a rural area of Canada, your Community Futures office is a wonderful resource for information and financial support.
ISEDC is quietly giving away billions of dollars each year to support Canadian businesses. Give us a call and we can talk about how your company may fit into the ISEDC initiatives.