Speech Article from  Federal Economic Development Agency for Southern Ontario

Archived - Investing in Regional Diversification Funding Announcement – Prince Edward/Lennox & Addington Community Futures Development Corporation (PELA CFDC)

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Daryl Kramp, Member of Parliament for Prince Edward—Hastings

Picton, Ontario

April 9, 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 Prince Edward—Hastings, I am proud to be here to celebrate today's announcement.

Let me begin by emphasizing that job creation and long-term prosperity remain the top priorities for our Government. As Minister Goodyear mentioned, we have been setting the right macro-economic conditions to ensure Canadian businesses succeed. And we continue to work hard to keep our economy strong.

That is why the Prime Minister created the Federal Economic Development Agency for Southern Ontario, or FedDev Ontario, — to help build on the strengths of this region. This is our region's own development Agency, and, we have seen results of the hard work they have been doing in the last five years.

In today's economy, businesses and communities need to be diverse in order for sustainable economic growth to take place.

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 supporting the growth and diversification of the southern Ontario economy, 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 our region.

The investment we are making today will not only further position PELA CFDC as an innovator in advancing economic growth and diversification in rural communities, but it will also help develop a technology cluster in the region.

This is a region with a great deal of talent and potential, and we are in the business of supporting that potential in order to benefit individuals and communities all over southern Ontario.

The Government of Canada is proud to support corporations such as PELA to 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.

Ladies and gentlemen, I am pleased to announce that FedDev Ontario is providing $5 million to the PELA CFDC.  (Pause for applause)

With this investment, the PELA CFDC is establishing a pilot $10-million venture capital fund. The federal contribution is leveraging $5 million from First Stone Venture Partners.

Through this fund, PELA expects to support the development and expansion of 25 early-stage technology companies, in this region.  This will, in turn, lead to business growth and job creation.

It is also anticipated that this project will create up to 155 full-time equivalent jobs during the project.

I am also proud that this investment will allow this region to develop a technology cluster in the region and diversify the local economy.

Thanks to investments in economic diversification like this one, our Government is working to ensure the sustainability of communities and businesses in southern Ontario.

I wish all of you the best of luck with this project.

Thank you. Merci.

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