The federal government has announced more than $1 billion in funding over six years to support economic growth in rural and urban areas of southern Ontario.
The federal Minister of Innovation, Science and Economic Development Navdeep Bains announced the new funding at the end of February. The funding will be directed through FedDev Ontario, a regional development agency launched by the federal government in 2009 to deliver programs and services to support innovation and economic growth in southern Ontario. The agency has announced that it will devote an initial $100 million over the next three years specifically for projects in rural southern Ontario communities.
The agency’s application process and funding streams have been made simpler, Ottawa says. Bains also launched an engagement process, seeking feedback to help target new investments.
“With this new funding, FedDev Ontario will continue to scale-up innovative businesses, strengthen innovation networks, and boost economic growth in local communities to create good, middle-class jobs in one of Canada’s most vital economic hubs,” Bains said. “By engaging directly with Canadians living and working in southern Ontario, we are ensuring FedDev Ontario’s investments will reflect the unique strengths and opportunities of this region.”