Conestoga news

March 21, 2014 3:34 PM

New support for business growth announced at Conestoga

The Honourable Gary Goodyear, MP for Cambridge and Minister of State for the Federal Economic Development Agency for Southern Ontario, visited Conestoga’s Engineering and Information Technology campus in Cambridge on March 18 to announce $20 million in federal government investment to ensure a strong focus on job creation and support in southern Ontario.

The funding, through Fed Dev Ontario’s Prosperity Initiative, will provide non-repayable top-up contributions to the Western Ontario Community Futures Development Corporation Association and the Eastern Ontario Community Futures Development Corporation Inc. The top-ups will allow the organizations to continue the delivery of the Southern Ontario Fund for Investment in Innovation (SOFII) in southwestern and southeastern Ontario.

The top-ups to the two funds will help address new demands for loans in both regions, with a focus on the information and communications technology and food processing sectors.

“SOFII West and SOFII East have both proven to contribute significantly to the southern Ontario economy by fostering innovation and the creation of high-quality, highly skilled jobs across the region,” said Minister Goodyear. “I look forward to seeing the innovative new projects that the Eastern and Western Community Futures Development Corporation Networks will support with these additional funds."

The Southern Ontario Fund for Investment in Innovation was launched by the Government of Canada in July, 2012 and provides interest-bearing business loans to support innovation and growth in small- and medium-sized enterprises (SMEs) across the region.

Loans of $150,000 to $500,000 are provided to eligible SMEs to support growth challenges such as late stage commercialization, new product or service development, new applications or markets, or the development or implementation of new processes or technologies.

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