Speech Article from  Federal Economic Development Agency for Southern Ontario

Archived - Investing in Business Innovation Funding Announcement – Northumberland Community Futures Development Corporation (CFDC)

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Rick Norlock, Member of Parliament for Northumberland–Quinte West

Cobourg, Ontario

July 28, 2015

Check Against Delivery

Good morning ladies and gentlemen, friends and guests.

Thank you, Minister Goodyear, for that kind introduction.

It is a real pleasure to be here today to deliver some great news on behalf of our Government.

As Member of Parliament for Northumberland–Quinte West, I am proud to be here to celebrate today's announcement and to support the people and the businesses in the communities I represent.

Let me begin by emphasizing that job creation and long-term prosperity remain the top priorities for our Government.

We know that in order to build a strong and diversified southern Ontario economy, we need to provide early-stage, innovative companies in this region the support they need to succeed. When we do that, we are creating opportunities for long-term development and sustainable economic growth.

Supporting early-stage companies plays a key role in strengthening our businesses and growing our economy, both locally and at a national level.

Our Government is committed to building on the strengths of this region, through investments in the people and ideas that will help small- and medium-sized businesses and organizations succeed, grow and continue to play an important role in bringing economic prosperity to southern Ontario.

The investment we are making today will help further position Northumberland CFDC as an innovator in advancing economic growth and diversification in rural communities.

We are proud to support organizations that encourage local entrepreneurship and economic development. The support they provide to their communities is a testament to the strong and diverse economic development efforts underway in this region.

The Northumberland CFDC has been supporting entrepreneurs and providing seed financing since 1985.

In 2012, our Government, through FedDev Ontario, invested up to $529,200, the CFDC piloted the New Venture Initiative which has had great success in fostering the development of early-stage businesses.

In fact, through the pilot project they created 22 high-potential technology businesses and 53 new jobs.

We understand that the two biggest obstacles to SME business growth are the state of the economy and access to financing. We remain dedicated to providing the right resources to the individuals and businesses in this region to create jobs, stay competitive, and prosper long-term

A big part of that long-term prosperity is ensuring access to capital and to mentoring support to help entrepreneurs become successful businesses.

Ladies and gentlemen, today I am pleased to announce that the Government of Canada is providing Northumberland CFDC with up to $1.1 million through FedDev Ontario's IBI initiative.

(Pause for applause)

This federal funding will support the expansion of the New Venture initiative, now branded as N1M program, to continue to provide dedicated mentoring, training, and industry connection support to help entrepreneurs develop viable technology businesses.

Startup companies will have access to resources from Northumberland's innovation ecosystem such as: Northumberland Manufacturers' Association; the Gaming and Entrepreneurship Lab; the IDEAHUB business incubator, as well as other partners. These opportunities for support, skills training and development will provide startups with a strong foundation for future success.

I'm sure you will all be pleased to learn that during this project the Northumberland CFDC expects to support 25 high-potential early-stage businesses by providing seed financing and entrepreneurial development services. They also expect to create 23 new jobs while maintaining 48 jobs.

Additionally, the project is leveraging $750,000 in matching investment from the startup companies themselves and will help them attract $960,000 in future private-sector investments.

Congratulations again. I look forward to seeing the new innovative products and ideas developed in the Northumberland region.

Thank you. Merci.

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