Over $380 million invested by the Government of Canada in 2020 for a stronger Quebec after the crisis
MONTRÉAL, Dec. 22, 2020 /CNW Telbec/ - 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' needs
This 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 projects
In 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.