April 9, 2015 – Picton, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Today, FedDev Ontario Minister Gary Goodyear, along with Member of Parliament for Prince Edward-Hastings Daryl Kramp, announced that early-stage technology companies and small-and medium-sized enterprises from across southern Ontario will benefit from venture capital financing and business support.
The Harper Government is providing a $5 million contribution to the Prince Edward/Lennox & Addington Community Futures Development Corporation (PELA CFDC) for a pilot project to establish a $10 million early-stage venture capital fund. The federal contribution is also leveraging $5 million from First Stone Venture Partners through a partnership agreement to establish the first rural-based venture capital fund.
This project will help develop a technology cluster in the region that will diversify the rural economy and support the re-attraction of youth to the community by providing higher wage, full-time employment opportunities.
The federal contribution, through FedDev Ontario's Investing in Regional Diversification (IRD) initiative, is aimed at supporting the long-term development of stronger, more diverse economies in southern Ontario communities. IRD leverages unique regional assets and local expertise to attract new investment and opportunities for economic growth and development.
Erica Furtado
Director of Communications
Office of the Honourable Gary Goodyear
613-943-7599
Media Relations
FedDev Ontario
416-954-6652
FedDevMedia@FedDevOntario.gc.ca
Craig Desjardins
Executive Director
PELA CFDC
613-476-7901 x 201
cd@pelacfdc.ca
Toll Free: 1-866-593-5505
Website: www.FedDevOntario.gc.ca
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