April 27, 2007

ST.THOMAS — Elgin–Middlesex–London MP, Joe Preston, on behalf of the Honourable Tony Clement, Minister of Health and Minister for FedNor, today announced a federal contribution of $885, 000 to the Elgin Community Futures Development Corporation (CFDC) in support of its ongoing operations for three years.

“This investment is a good example of the way Canada’s New Government is supporting economic development, diversification and job creation,” stated Mr. Preston. “Our efforts are helping improve the quality of life and ensure a strong economy for our rural communities.”

Budget 2007, announced by Canada’s New Government in March, introduces a number of key initiatives in support of the small business sector, including:

• reducing the federal paper burden on small business;
• reducing the tax compliance burden on small business; and
• introducing tax reductions which will lower Canada’s tax rate on new business investment.

CFDCs provide services to support local economic development and small business growth, including: access to capital, business services, community-based projects, and strategic community planning and socio-economic development.

Over the last year, the Elgin CFDC invested $497,105 and assisted in creating or maintaining 54 jobs, contributing to an enhanced business community.

“The Elgin CFDC has a long history of helping grow the local economy,” said Susan Gardner, Chair of the Elgin CFDC. “The funding will provide the essential means to succeed in creating new businesses and employment.”

“We are grateful for this support from Industry Canada, who recognizes the challenge in rural Ontario of access to capital. This funding will help hundreds of small businesses in Elgin County,” said Helen LeFrank General Manager of Elgin CFDC.

The Elgin CFDC is one of 61 Community Futures Development Corporations in rural and Northern Ontario funded by FedNor’s Community Futures Program.

To find out more about Ontario CFDCs, visit: http://cfdc-ontario.ic.gc.ca