Canada’s ability to remain competitive in the fast-paced and increasingly global economy is closely tied to the strength of southern Ontario’s economy.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, accompanied by the Honourable Bernadette Jordan, Minister of Rural Economic Development, announced over $1 billion in funding for FedDev Ontario to continue to foster growth in southern Ontario.
“With this new funding, FedDev Ontario will continue to scale-up innovative businesses, strengthen innovation networks, and boost economic growth in local communities to create good, middle-class jobs in one of Canada’s most vital economic hubs,” says Minister Bains. “By engaging directly with Canadians living and working in southern Ontario, we are ensuring FedDev Ontario’s investments will reflect the unique strengths and opportunities of this region.”
FedDev Ontario is dedicating an initial sum of $100 million to projects that drive innovation and growth in rural communities across southern Ontario.
Additionally, FedDev Ontario will continue to support strategic and innovative community economic development activities that were provided through the Eastern Ontario Development Program (EODP) through the new funding streams, and $15 million in transition funding over two years to ensure Eastern Ontario CFDCs maintain their service levels while at the same time developing a transition plan and advancing new proposals.
“Rural communities like ours have enormous potential to drive growth and innovation in our country and today’s announcement unlocks that potential in partnership with our hardworking CFDCs,” says Hastings – Lennox and Addington MP Mike Bossio. “It demonstrates the dedication that our government has to ensuring rural sustainability, and inclusive growth from our biggest cities to our smallest rural communities.”
Projects can now be submitted using a single application, through three simplified funding streams, which have been designed to meet the needs of our businesses, job-creating entrepreneurs, innovation partners and communities both now and into the future. Additional information is available in the funding streams backgrounder.
“ It’s great to see the new Ministry of Rural Economic Development’s objectives to develop, diversify and strengthen local economies in communities off the beaten path, can come alongside those of the province of Ontario through these FedDev programs,” says Bay of Quinte MP Neil Ellis.
Minister Bains also launched an engagement process, inviting everyone in the region to provide feedback that will develop a growth strategy, target new investments, and maximize their impact in southern Ontario. See the Towards a Stronger Southern Ontario backgrounder for more information.
FedDev Ontario is a key platform delivering the Government’s Innovation and Skills Plan in southern Ontario, ensuring that Canadians living and working in the region have tailored support to seize opportunities created by the innovation economy.
