Over $380 million invested by Canada in 2020 for a stronger Quebec after crisis

first_imgOver $380 million invested by Canada in 2020 for a stronger Quebec after crisis From: Canada Economic Development for Quebec RegionsThe support offered by Canada Economic Development for Quebec Regions has made it possible to ensure the sustainability and growth of businesses, to create and maintain over 31,365 jobs and to plan for post-COVID-19 recovery.Montréal (Quebec), December 22, 2020 – Canada Economic Development for Quebec Regions (CED)SMEs and economic development organizations are the backbone of regional economies and communities. They are sources of good local jobs and the pride of their communities. Canada Economic Development for Quebec Regions (CED) is there, on behalf of the Government of Canada, when it comes to supporting entrepreneurs seeking to innovate, grow or become more competitive. This is true more than ever in these uncertain times. CED has stepped up measures to support businesses, entrepreneurs and workers and mitigate the impacts of the COVID-19 pandemic on them.Listening to the entrepreneurs’ needsThis unique sanitary crisis has disrupted the entire economic ecosystem. Throughout this year marked by unprecedented challenges, CED met with businesses and organizations to gain a clear understanding of the impact of the pandemic on the economy of our regions, to identify the challenges it poses and to propose concrete solutions.The Agency first offered to ease the terms of the agreements with its existing clients as well as the repayment terms for financial contributions it had previously granted. Next, it launched the Regional Relief and Recovery Fund (RRRF), a national program administered by CED in Quebec.With a budget of over $280 million to date in Quebec, the RRRF has made it possible to provide financing and technical support to Quebec businesses and communities, helping to maintain 29,688 jobs as of December 11, 2020. This Fund was successfully rolled out throughout Quebec thanks to the collaboration of organizations, including the networks of the Sociétés d’aide au développement des collectivités (SADCs), Centres d’aide aux entreprises (CAEs) and PME MTL. The RRRF has provided the necessary cash flow so that businesses such as the Distillerie des Marigots, in Gaspésie, or the Coffret de Rachel, in Montréal, may get through the crisis, maintain jobs and adapt to the new reality.From the outset of the pandemic, CED has been part of the discussions that took place in the crisis cells that involved the actors of regional ecosystems. The Agency maintained this dialogue throughout the year, particularly with the participation of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for CED, in theme-based meetings during the summer, and in the Relançons MTL project in late fall.Financial support for significant projectsIn 2020, over and above its COVID-19-related assistance and flexibility measures, CED has supported 329 projects through its regular programming with financial contributions totalling $187 million, all industries combined. These projects have also led to creating or maintaining 1,680 jobs: a significant support that has contributed to making the economy of Quebec’s regions more prosperous and inclusive.This year, CED made it possible to carry out structuring and growth-generating projects in all regions of Quebec, notably by investing:$7 million in the Alliance de l’industrie touristique du Québec to provide financial support to Quebec tourism SMEs so that they may adapt to the new health standards and launch targeted promotional campaigns.Close to $5 million in the Aluminum Association of Canada to ensure the traceability of Canadian aluminum and maintain conditions favourable to the development of the industry.Digital transition, automation, support for women and young entrepreneurs, support for the agri-food industry and innovative manufacturers: CED’s interventions have made a real difference in most sectors and in all regions of Quebec.A resilient Quebec thanks to CED’s supportPresent throughout the year in the field, CED will continue to seek, along with economic stakeholders from all sectors, the best ways to support businesses and organizations and help entrepreneurs bounce back. CED will be there to support Quebec’s recovery and help SMEs take advantage of the opportunities emerging in the new economy that is taking shape.Quotes“The decisions we make now will have a major impact on our future prosperity, and the Government of Canada is choosing to invest. Our message to Quebec workers, SMEs and communities is clear: we have been here for you and we will continue to be here for you, to accompany you until the economy gradually reopens. Our goal is to create good local jobs and build tomorrow’s economy: an inclusive and stronger economy, more prosperous for all.”The Honourable Mélanie Joly, Member of Parliament for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages and Minister responsible for CED“This unprecedented year has marked us all, especially our valued entrepreneurs. The Government of Canada was quick to recognize the importance of helping them get through the crisis, and CED moved very quickly to help them stay afloat. I am proud of what we have achieved this year: not only have we been able to deliver our regular services, we have also been able to be there for businesses and organizations and have, I hope, managed to lighten their burden in relation to the impacts of COVID-19.”Élisabeth Brière, Member of Parliament for Sherbrooke and Parliamentary Secretary to the Minister of Economic Development and Official Languages (Economic Development Agency of Canada for the Regions of Quebec)Quick factsAs of December 11, 2020, CED has invested a total of $187 million through its regular programs to support 329 projects of businesses and organizations aiming to increase their production capacity, hire staff and acquire new specialized technologies to improve their productivity.The assistance provided through the RRRF was granted by CED with the collaboration of SADCs, CAEs and PME MTL. As of December 11, 2020:CED had authorized assistance totalling over $97 million for 521 businesses and organizations, thereby contributing to maintaining more than 7,881 jobs across Quebec.The SADCs and CAEs had authorized loans totalling over $71.3 million and provided technical assistance to 3,630 businesses and organizations, thereby contributing to the maintenance of more than 16,303 jobs in Quebec’s rural communities.PME MTL had authorized loans totalling close to $25 million for 699 businesses, thereby contributing to the maintenance of more than 3,379 jobs in Montréal.The technical assistance offered by various organizations in Quebec has made it possible to support 784 businesses and organizations, contributing to the maintenance of 2,036 jobs.The RRRF is part of Canada’s COVID-19 Economic Response Plan and contributes to fulfilling the Government of Canada’s commitment to create or restore one million jobs across the country. In addition to the RRRF, CED is continuing to implement the Canada Seafood Stabilization Fund (CSSF) in Quebec, with an envelope of $9.1 million for fish and seafood processors.The Honourable Mélanie Joly is the minister responsible for the six regional development agencies (RDAs), including CED.CED is a key federal partner in Quebec’s regional economic development. With its 12 business offices, CED is present to accompany Quebec businesses, supporting organizations and regions into tomorrow’s economy. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). 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All donations are kept completely private and confidential.Thank you in advance!Tags:business, Canada, covid-19, dialogue, Economic Development, Economy, entrepreneurs, Government, industry, Minister, parliament, production, regional development, Secretary, Sherbrooke, sustainabilitylast_img read more