(Brantford, Ontario) — Small businesses in Brant will benefit from a new $1,110,000 investment in Enterprise Brant. The announcement was made today by Phil McColeman, Member of Parliament for Brant, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).

“This investment will help support rural communities seeking to strengthen and diversify their local economies,” said Mr. McColeman.  “It will also help to provide small and medium-sized businesses in our region with the support that they need to grow, creating new jobs and opportunities.”

The announcement is part of a larger investment of up to $11.1 million through the Community Adjustment Fund for 13 Community Futures Development Corporations (CFDCs) in southern Ontario. The additional funding will enable the CFDCs to increase access to capital for rural small businesses and not-for-profit organizations.

“During the past year our loan approvals for local businesses increased by more than 100%, 28 loans totaling over $2.9 million were approved.  Enterprise Brant is pleased to have this commitment of another $1.11 million by the Federal Economic Development Agency for Southern Ontario.  This funding will allow us to continue to service community businesses at the current level as they start up, recover, and reposition for the future,” said John Wiacek, Chairman and President of Enterprise Brant.

The Community Adjustment Fund is just one in a series of initiatives introduced in the Government of Canada’s Economic Action Plan designed to address the short-term effects of the global economic downturn on communities across Canada, while preparing communities for long-term growth.
FedDev Ontario delivers the Community Adjustment Fund in southern Ontario and has invested in a variety of projects that support economic development, innovation, diversification and job creation, including $27.8 million committed to CFDCs in 2009/2010.

FedDev Ontario supports 37 Community Futures Development Corporations in southern Ontario that serve rural businesses and communities. Funded through the Community Futures Program, these community-based, not-for-profit organizations offer a wide variety of programs and services supporting community economic development and small business growth and are run by a board of local volunteers and staffed by experienced business professionals.

FedDev Ontario was created as part of Canada’s Economic Action Plan to support businesses and communities in southern Ontario. Now in its second year of operation, the Agency is delivering a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to support businesses and other organizations through partnerships and investments in skills and training; innovation; research and development; and increased productivity. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.