Funding Available for Collaborative Economic Development Projects
November 7, 2016Cornwall Ontario – Funding remains available for companies in the Cornwall region to take advantage of a capital investment fund.
Collaborative Economic Development Projects (CEDP) will galvanize innovation capital investment across Eastern Ontario with a high emphasis on catalyzing the private sector and industry-led consortia to invest in projects that will directly result in business growth, job creation and economic diversification.
“The intent of CEDP is to help trigger investment decisions that will strengthen innovation across Eastern Ontario and kick start new economic activity,” says Thomas Coughlan, Business Development Officer with Northumberland Community Futures. “CEDP can unlock the will and determination of Eastern Ontario’s industrial leadership to invest in emerging technologies, productivity enhancements, globally competitive business practices, new product development and skilled workforce development on a pathway to business growth, expansion and profitability.”
CEDP projects approved for funding will demonstrate benefits to multiple communities and promote broad-based collaborative economic development leading to a competitive and diversified economy, while contributing to the successful development of business/job opportunities and prosperous communities.
Matching non-repayable performance-based contributions will be made to CEDP recipients in the form of 50% reimbursement of eligible and approved costs ($100,000 for for-profit recipients and not normally in excess of $500,000 for not-for-profit recipients—as determined by current FedDev Ontario funding guidelines).
“Funds remain available for investment between now and December 2018 and we would like to see businesses from the Cornwall area apply,” added Mr. Coughlan.
CEDP priority sectors are (in no particular order):
- Advanced Manufacturing
- Clean Tech/Bio Tech
- ICT
- Transportation and Logistics
- Agri-food and Food Processing
- General technology
Applications are accepted on an open, continuous basis. Decisions are normally made within 6 weeks after the date of submission of complete applications.
The CEDP is administered by Eastern Ontario Community Future Development Corporations (CFDC) on behalf of FedDev Ontario. The CFDCs are non-profit agencies with a primary focus to facilitate local economic development. The CFDCs help manage the Eastern Ontario Development Program, as well as offer additional services to both private sector and public sector organizations. Cornwall, Akwesasne and the United Counties of Stormont Dundas and Glengarry are serviced by the Cornwall and the Counties Community Futures Development Corporation, located in Downtown Cornwall.
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