August 10, 2005
Regina, Saskatchewan – 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."
“The assistance that Community Futures organizations provide to businesses and entrepreneurs translates into stronger and more vibrant rural Saskatchewan communities,” said federal Finance Minister Ralph Goodale. “The hard work done by CFDCs and their commitment to their communities is the same commitment that has driven Saskatchewan residents for the past 100 years.”
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.
“The 13 Community Futures offices in Saskatchewan have been building businesses and communities for 20 years,” said Bill Matlock, Chair of the Community Futures Partners of Saskatchewan (a volunteer association of Community Futures in the province). “We’re a good place to start when local entrepreneurs are looking to expand their businesses or start a new one as we can help them tap into numerous resources. We’re also proud of our community development work over the years.”
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 Saskatchewan, over 2,180 loans valued at $64.3 million have created and maintained 6,783 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 members 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:
Joanne Mysak
Manager, Communications
Western Economic Diversification Canada
Saskatoon, SK
Tel: (306) 975-5942
E-mail: joanne.mysak@wd.gc.ca
Renée Gillen
Press Secretary
Office of the Minister of Western Economic Diversification and Minister of State (Sport)
Tel: (613) 954-1110
Tom Kennedy Executive Director Community Futures Partners of Saskatchewan (306) 260-2390
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
