August 10, 2005
Edmonton, Alberta – Community Futures Development Corporations (CFDCs) across Western Canada received a strong endorsement today with the Honourable Stephen Owen, Minister of Western Economic Diversification and Minister of State (Sport), confirming a commitment of $18.2 million in increased operating funding as included in the federal Budget 2005.
The investment will be provided over five years. It will enable the 90 CFDCs in the West to build capacity and continue their grassroots economic development work in the communities they serve.
"Ensuring that our communities are productive, sustainable and inclusive is key to our quality of life. Community Futures Development Corporations enable communities to create opportunities that suit the local context," said Minister Owen. "The Government of Canada is committed to ensuring sustainable economic growth across the West, so that businesses are competitive and communities thrive."
“Canada’s long-term success depends heavily on maintaining strong communities that have the capacity to make positive contributions to our economy,” said the Honourable Anne McLellan, Deputy Prime Minister and Minster of Public Safety and Emergency Preparedness. “WD’s investment in Alberta’s CFDCs goes a long way in helping achieve this goal, ensuring Albertans have access to the tools and services they need to meet the challenges and capitalize on the opportunities in front of them.”
CFDCs are volunteer-led, non-profit organizations that rely on local decision-making to develop economic potential and ensure sustainable growth in communities. They offer strategic economic planning, technical and advisory services to businesses, loans to small and medium-sized businesses, self-employment assistance programs, and services targeted to youth, Aboriginal people and entrepreneurs with disabilities. CFDCs also support research and feasibility studies, as well as community economic development projects.
“Over the last 20 years, Community Futures business service network sites have worked within Alberta communities to help small business owners by providing leadership and support through community-based programs. This grassroots approach has been very successful, and through the WD funding announced today, we can continue to work throughout the West to make a difference in the lives of rural individuals and communities,” said Louise Connolly, Chair of the Community Futures Development Network of Alberta , the association representing the 27 Alberta CFDCs.
Since 1995, Western Canada’s 90 CFDCs have provided over 17,000 loans to entrepreneurs living in rural and northern communities across the four western provinces. Worth a total of just over $450 million, the loans have leveraged an additional $647.3 million in other funding. Over 51,000 jobs have been created and maintained during the same time period. In Alberta, over 4,900 loans valued at $152.2 million have created and maintained 14,958 jobs.
CFDCs are part of Western Economic Diversification Canada’s Business Service Network. The other members of this network are Canada Business Service Centres, Women’s Enterprise Initiative offices, and Francophone Economic Development Organizations.
Today’s announcement was broadcast over a new video-conferencing network launched today in Alberta. The network, known as the Entrepreneurship Learning Centre, was officially unveiled through a “light-up” ceremony. Twenty-one CFDCs and other business service offices throughout Alberta and across the West were connected using the new system, including Canada Business Service Centres located in Edmonton, Vancouver, Saskatoon and Winnipeg. WD invested $200,000 in the video-conferencing network.
Western Economic Diversification Canada (WD) is the federal department mandated to develop Western Canada’s economy through initiatives that advance Sustainable Communities, Innovation and Entrepreneurship. Budget 2005 included $18.2 million over five years for WD to increase its contribution to Community Futures Development Corporations throughout Western Canada.
For additional information, contact:
Donna Kinley
Communications Manager
Western Economic Diversification Canada
Edmonton, Alberta
Tel: (780) 495-6892
E-mail: donna.kinley@wd.gc.ca
Renée Gillen
Press Secretary
Office of the Minister of Western Economic Diversification and Minister of State (Sport)
Tel: (613) 954-1110
Jon Close
Executive Director
Community Futures Network Society of Alberta
Cochrane, Alberta T4C 1A5
Phone: (403) 851-9995
WD Toll-Free Number
1-888-338-WEST (9378)
World Wide Web Site:
English: http://www.wd.gc.ca
French: http://www.deo.gc.ca
