Federal Economic Development Agency for Southern Ontario

On August 13, Prime Minister Stephen Harper officially launched the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The new agency fulfills a key commitment in Canada’s Economic Action Plan.

In the months leading up to the release of Canada’s Economic Action Plan in January 2009, the government consulted widely with interest groups, business leaders, provincial and municipal governments and with the Canadian public. Concerns were expressed about the economic challenges faced by Southern Ontario businesses and communities.

FedDev Ontario helps workers, businesses and communities in Southern Ontario take advantage of opportunities as economic growth recovers in Canada and around the world. To expedite the provision of funds, FedDev Ontario will use new and existing programs and partnerships with organizations both within and outside of government, including:

• The Southern Ontario Development Program is a core program under the new agency, and will deliver close to $100 million in funding in 2009-10 to promote economic development, economic diversification and job creation;

• The Community Adjustment Fund (CAF), a short-term economic stimulus for communities impacted by the global recession, will contribute $350M throughout Ontario;

• Southern Ontario’s Community Futures Development Corporations (CFDC), which provide important services to businesses, entrepreneurs and social enterprises, will receive $30M from the Community Adjustment Fund in 2009-2010;

• The Business Development Bank of Canada (BDC) will invest a total of $50M in Southern Ontario through venture capital firms and the BDC’s own programs;

• The National Research Council’s Industrial Research Assistance Program (NRC-IRAP), which stimulates wealth creation through technological innovation, had a $67.3M grants and contributions envelope for Ontario in 2009-2010. It will receive an additional $27.5M to foster innovation among Southern Ontario’s small and medium-sized enterprises, and supporting organizations.

For more information on the new Federal Economic Development Agency for Southern Ontario and its programs, please call 1-866-593-5505 or email at southernontario@ic.gc.ca.

Find a Project Near You

This initiative helps fund the project(s) listed below. Select a project to learn more.

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