The Government of Canada has invested more than $3.1 million CAD in 14 organizations and businesses across Quebec in an effort to support young entrepreneurs and bolster the province’s economy. The announcement came in conjunction with the United Nations’ World Youth Skills Day on July 15.
The funding comes in the form of repayable and non-repayable contributions.
The federal funding, which totals $3,145,120, comes in the form of repayable and non-repayable contributions distributed by Canada Economic Development for Quebec Regions (CED). CED is one of the country’s six regional development agencies (RDAs).
“The energy and ingenuity of young Canadians are critical to the success of our economy,” said Mélanie Joly, Canada’s minister of economic development responsible for CED. “We know that young entrepreneurs have been hit hard by COVID-19, and we stand with them. The message we are sending them is clear: we were here for you before the pandemic, we will continue to be here as our economy reopens, and we are working with you to create jobs.”
Three of the projects are funded via non-repayable contributions. They include the Youth Employment Services Foundation ($1,215,000), a Montreal-based entrepreneurship program, Fondation de l’entrepreneurship ($690,000), a Montreal-based entrepreneur mentoring program, and Accélérateur de création d’entreprises technologiques ($293,500), a southern Quebec-based accelerator.
The other 11 are funded via repayable contributions. They include Le Camping du Domaine Lausanne ($307,150), MuraLuxe ($137,550), FZ ($100,000), Usinage Mobile Lambert ($68,515), Structures Première ($62,000), Contenants CANO ($50,000), Merinio ($50,000), Ora Graphene Audio ($50,000), Vinctus Technologies ($50,000), Wastack ($49,425), and OSM Atlantic ($21,980).
“CED has long invested in young entrepreneurs by providing access to funding and fostering a supportive ecosystem across Quebec,” said Élisabeth Brière, secretary to Canada’s minister of economic development. “I am pleased that the Agency’s ongoing support of youth has provided them with the means to tackle the current crisis and is enabling them to play an active part in rebuilding our economy.”
The funds are being granted under various CED programs, including Regional Economic Growth through Innovation, which targets entrepreneurs leveraging innovation to grow their businesses, the Official Languages Economic Development Initiative, which fosters the economic development of official language minority communities through entrepreneurship, and the Quebec Economic Development Program, which helps communities take advantage of economic development opportunities.
Image source Shawn Lee via Unsplash