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Premier Announces Eastern Ontario Development Fund

By Bob Peters
July 15, 2008

Premier Dalton McGuinty paid a visit to Cornwall July 15 and during his visit, announced a new growth fund to create jobs and to stimulate the local economy. “Investing in innovation and skills development will strengthen our current economy, build the economy of tomorrow and help this vital region reach its full potential”, he declared.

The fund will provide $80 million, over four years, to help businesses create new jobs and to invest in new technologies, equipment or skills training for workers. It will also support economic development projects focused on attracting or retaining investment in Ontario based industries.

Businesses that invest $500,000 or more in projects creating or retaining at least 10 jobs over five years are eligible for up to 15% support. Other agencies or associations leading local economic development work can qualify for 50% support for projects valued at $100,000 or more.

Stormont- Dundas-South Glengarry MPP, Jim Brownell welcomed the Premier to Cornwall and expressed his pleasure at the announcement. “Eastern Ontario has an abundance of skilled, talented people dedicated to generating jobs and opportunity,” stated Brownell. “This investment is a great vote of confidence.”

Through this fund, the government is taking action to support changing economies in municipalities such as Cornwall. In concert with similar funds targeting both the manufacturing sector and rural communities, its goal is to ensure Cornwall and similar communities across Ontario grow stronger.

For more information, visit www.ontario.ca/easternfund.

Category: Business