Canada/The CAE Montmagny-L'Islet's winning bet on local development
Today, thanks to the profile it has acquired in community development services, the CAE has just been awarded a $3.2 million budget as part of the five-year agreement announced on June 14 by the Minister responsible for Canada Economic Development for the Regions of Quebec (CED), Ms Soraya Martinez Ferrada.
"The budget now comes 100% from CED," explained Normand Gauvin, President of the CAE de Montmagny-L'Islet, at a press conference yesterday. This is a reference to the budgets prior to 2019, when the CAE had to raise 60% of its operating budget from the interest on loans granted to its target market of small entrepreneurs in the MRCs of Islet and Montmagny.
"I want to salute the courage of the directors in 2019 [...] It's thanks to their vision to accept the local development business line. If it hadn't been for that, we'd have stayed in the $1.5 million range (pre-2019 figure)," said the organization's director, Mireille Thibault.
The CAE will also have access to an additional $335,000 in funding to step up its technical assistance to entrepreneurs. A new resource will be hired as soon as the next operating budget is established.
This new 5-year agreement will have a very positive impact on supporting young and small businesses and local development.
Source: cmatv.ca/
