August 10, 2005
Vancouver, B.C. – 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."
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.
“Community Futures has a strong and proven track record of community economic development in rural Western Canada,” said Ken White , Chair of the Community Futures Development Association of British Columbia , the association representing the 34 British Columbia CFDCs . “This funding renewal will enable our members to continue their work developing and creating sustainability for our rural communities .”
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 British Columbia, over 7,800 loans valued at $ 182.6 million have created and maintained 22,396 jobs.
CFDCs are part of Western Economic Diversification Canada’s Business Service Network. Other members of this network in B.C. are Small Business B.C., Women’s Enterprise Society of B.C, and the Société de développement économique de la Colombie-Britannique.
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 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:
Susan Schooley
Manager, Communications
Western Economic Diversification Canada
Vancouver, BC
Tel: (604) 666-1318
E-mail: susan.schooley@wd.gc.ca
Renée Gillen
Press Secretary
Office of the Minister of Western Economic Diversification and Minister of State (Sport)
Tel: (613) 954-1110
Ken White Chair Community Futures Development Association of B.C. Phone: 1-866-685-2332 Web site: www.communityfutures.ca
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
