Government of Canada invests in development and growth of co-operatives

News release

ACOA funding helps Newfoundland-Labrador Federation of Co-operatives launch an incubator pilot program

August 3, 2023 · St. John’s, Newfoundland and Labrador · Atlantic Canada Opportunities Agency (ACOA)


Social enterprises, non-profits, charities and co‑operatives help build stronger communities, and contribute to a resilient, inclusive economy that benefits all Canadians. That is why the Government of Canada is investing in the Newfoundland-Labrador Federation of Co-operatives (NLFC) to spark the growth of co-operative organizations in the Northeast Avalon region of Newfoundland and Labrador.

Today, Joanne Thompson, Member of Parliament for St. John’s East, announced a non-repayable investment of $82,150 through the Regional Economic Growth through Innovation (REGI) program for the Newfoundland-Labrador Federation of Co-operatives. The announcement was made on behalf of the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency.

This co-operative incubator pilot program will support the growth and development of new, local co-operatives while providing clients with training, advisory services and mentorship opportunities through a network of professional advisors, seasoned businesses and established co-operatives.

Atlantic Canada’s economy is bustling, with the Public Policy Forum publishing a report confirming that the region is poised for exponential growth. Programs like the one announced today contribute to this momentum by positioning our communities to seize new opportunities for economic growth.

Quotes

“Business and co-operative incubators help position new enterprises for success by providing guidance, resources, and an entrepreneurial community. This investment from the Government of Canada will help the Newfoundland-Labrador Federation of Co-operatives continue to support and develop the local co-operative sector, further fueling Atlantic Canada’s economic momentum.”
- The Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency


“While there are approximately 70 registered co-operatives in Newfoundland and Labrador, the co-operative arena is still largely underdeveloped. Through this project, we will help NLFC enhance its capacity to respond to economic development opportunities and challenges and support the growing co-operative sector in the province.”
- Joanne Thompson, Member of Parliament for St. John’s East

 

“We are thrilled about the funding for our Co-operative Incubator Pilot Project, as it is an incredible commitment to enhancing support for co-operative development in the province. This project will help to bridge new collaborations, capacity, and support to co-operative entrepreneurs wishing to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.”
- Dave Walsh, Managing Director, Newfoundland-Labrador Federation of Co-operatives

Quick facts

  • For almost 75 years, the Newfoundland-Labrador Federation of Co-operatives (NLFC) has been the voice representing co-operatives and credit unions in Newfoundland and Labrador. It promotes the co-operative business model and provides a common table around which members can work together to address their collective needs.

  • The NLFC works in partnership with other regional and national co-operative organizations, representing the interests of local co-operatives and facilitating support for programs and services.

  • The co-operative business model is very versatile and can be applied to an organization of any size, in any sector. Profits from co-operatives are distributed in a wide variety of ways, all of which directly benefit the communities the co-operative operates within.

  • This project was made possible through the Regional Economic Growth through Innovation (REGI) program.

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Contacts

Hugo Alvarez

Press Secretary

Office of the Minister of Rural Economic Development

Hugo.Alvarez@ised-isde.gc.ca


Paul McGrath

Director of Communications

Atlantic Canada Opportunities Agency

709-689-5731

Paul.McGrath@acoa-apeca.gc.ca


Dave Walsh

Managing Director

Newfoundland-Labrador Federation of Co-operatives

709-726-9434

dave@nlfc.coop

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