PELA CFDC News and Events
Eastern Ontario Development Program Supports Foreign Direct Investment Incubator in Quinte Region
April 9, 2015 – Eastern Ontario Community Futures Development Corporation Network Inc. (Eastern Ontario CFDC Network)
The Eastern Ontario CFDC Network is pleased to announce that the Eastern Ontario International Business Incubator (EOIBI), an initiative based at the former Nortel manufacturing plant in Belleville, ON will receive up to $350,000. This funding will support a fully integrated business incubator of 80,000 sq. ft of office, manufacturing and laboratory space. The Incubator will service established international Small to Medium-sized Enterprises (SME’s) looking to make direct foreign investment in eastern Ontario in order to access the Canadian and US markets. The funding is through the Eastern Ontario Development Program (EODP) Collaborative Projects stream.
This facility will be Canada’s first certified “Soft Landing International Incubator” through a certification by the National Business Incubation Association. The objective of the facility is to promote and facilitate direct foreign business investment in eastern Ontario, and Quinte Region in particular. The facility will target successful manufacturing and technology SMEs in Europe and Asia that want to develop operations in eastern Ontario to serve the North American market.
“The Eastern Ontario International Business Incubator will be one of fewer than 15 internationally designated Soft Landing Business Incubators, and a distinguishing feature for eastern Ontario. The programs and services at EOIBI will help the area attract new foreign direct investment that will lead to job growth and economic sustainability," said Christine Dukelow, Chair of the Eastern Ontario CFDC Network. "This project aligns with the EODP Collaborative Projects mandate to advance community-led economic development initiatives that enhance and diversify local economies."
“Our Government is committed to creating jobs and providing essential resources to SMEs. The Eastern Ontario International Business Incubator will have a direct impact on southern Ontario by bringing international business to the area, creating and retaining jobs and diversifying the economy of the region”.
- The Honourable Gary Goodyear, Minister of State for FedDev Ontario
"As a former businessman, I am a strong advocate for small and medium sized businesses." said Daryl Kramp, M.P. "I am pleased to support funding of up to $350,000 to the Eastern Ontario International Business Incubator, which will become Canada's first Soft Landing International Incubator." "Our communities will benefit from the services provided to international SMES for direct investment into Eastern Ontario."
“Quinte Economic Development Commission (QEDC) is pleased to participate as the not-for-profit partner in this project. The QEDC will be actively promoting this new centre to international entrepreneurs and companies. The ultimate goal is to secure new investment and create jobs in the Bay of Quinte Region and Eastern Ontario.” Ross Rae, Chair of the Quinte Economic Development Commission.
Karl Hollett, CEO of Strathcona Energy Group who is leading the development of the project commented, “The integration of this facility into the business development landscape here in Eastern Ontario is receiving a positive global response. These are potential manufacturers and service providers from abroad that are actively considering the North American market for their products and services. This business centre will serve as an international incubator for Small to medium sized firms from other markets and provide an well equipped and orchestrated business development platform for outreach in this growing North American Market.”
The EODP is a $48-million economic development initiative focused on addressing economic challenges in eastern Ontario and taking advantage of innovative opportunities in the region. The program is managed by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) and delivered through eastern Ontario's 15 Community Futures Development Corporations (CFDCs) and the Eastern Ontario Community Futures Development Corporation Network Inc. Applications are solicited by each CFDC and the Network and are assessed on their potential to stimulate local and regional economic development and create jobs.
The EODP Collaborative Projects stream, which is delivered by the Eastern Ontario CFDC Network, provides 50 percent matching funds for eligible initiatives that demonstrate broad support from the region and/or various partners, and offer sustainable, measurable, economic benefits to the regional economy.
PLEASE NOTE: A new intake period for applicants interested in Collaborative Projects is taking place March 16th through April 24th, 2015.
For more information about this release, please contact:
Carol Armstrong, Executive Director, Eastern Ontario CFDC Network
Telephone: 705-741-1980 ext. 1 email: Carol.email@example.com
About the Eastern Ontario Community Futures Development Corporation Network Inc. (Eastern Ontario CFDC Network): The Eastern Ontario CFDC Network strategically administers and coordinates opportunities available to the fifteen Community Futures Development Corporations (CFDCs) in eastern Ontario and advocates on behalf of the membership in order to support regional and local economic development initiatives in eastern Ontario. The Eastern Ontario CFDC Network also administers the Southern Ontario Fund for Investment in Innovation (SOFII).