Feds earmark $48M for Eastern Ontario economic development
To date, the agency has invested more than $80 million through 7,636 business and community development projects.
PETERBOROUGH, Ont.—Canada’s Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has committed $48 million to the renewal of the Eastern Ontario Development Program (EODP) at Trent University.
Over the next five years, starting in April 2014, EODP will promote strategic economic development in eastern Ontario.
“I am proud to announce that our Government will continue to promote business development, job creation and strengthening communities in rural eastern Ontario with the renewal of EODP,” said Minister of State for FedDev Ontario Gary Goodyear.
To date, the agency has invested more than $80 million through 7,636 business and community development projects. This has led to additional support of $345.6 million from partners such as local businesses, municipalities and the Government of Ontario.
The EODP is delivered through 15 Community Futures Development Corp.s (CFDCs) in eastern Ontario and the Eastern Ontario Community Futures Development Corporation Network Inc.
“As a past EODP recipient, we are happy to see the renewal of this important program,” said Dr. Steven Franklin, President and Vice-Chancellor, Trent University. “With EODP support, Trent has two important projects currently underway, including an indigenous studies project and one for research using nanosilver particles, an innovative cancer treatment.”
Also located at Trent University is the Greater Peterborough Innovation Cluster, which received EODP funding from the Greater Peterborough Community Futures Development Corp. to create the first best-practice technology business incubator for high-growth, high-potential technology start-ups, commonly know as the Cube.
Created in 2009, FedDev Ontario is a federal program that supports the southern Ontario economy through funding. The Federal budget earmarked $920 million over five years for the program, starting on April 1, 2014. As part of the renewal, FedDev Ontario will be allocating $200 million over five years for a new Advanced Manufacturing Fund in Ontario.