Canada Economic Development for Quebec Regions (CED)
Supporting sustainable, inclusive growth contributes to economic development in Quebec's regions. That is why the Honourable Pascale St-Onge, Minister of Tourism and Minister responsible for CED, today announced a non-repayable contribution of $570,000 for La Ruche solution de financement. This CED funding over two years (2024-2026) will enable the organization to assist impact entrepreneurship projects by creating a matching fund called the Fonds ImpACTE.
La Ruche is a non-profit organization (NPO) that offers Quebec entrepreneurs and organizations a solution to finance their project with help from the public, called crowdfunding. It thereby enables projects to emerge that are promising for the economy, profile and vitality of Quebec's regions. The project supported by CED will enable impact businesses, which place a positive social or environmental aim at the centre of their economic model, to obtain assistance through crowdfunding and Government of Canada funding.
Thanks to CED's support, the Fonds ImpACTE will provide a contribution equal to 100% of the target of the crowdfunding campaign led by project leaders on the La Ruche platform, for an amount up to $25,000. For example, an impact business that succeeds in reaching its campaign target of $15,000 from the public would receive an additional $15,000 from the fund supported by CED.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec's economic recovery relies on organizations with strong roots in the regional economy; they are key assets in building a sustainable, inclusive economy.
Quotes
"Our government has a mission to guide the country's businesses and regions into the economy of tomorrow. That is why we are providing our support to La Ruche, whose project will facilitate access to financing among impact organizations across Quebec. Creating this matching fund aligns with one of CED's priorities: to invest strategically in sustainable, inclusive growth in communities. La Ruche is a major contributor to Quebec's economic vitality, and I am confident that the success of its project will be felt across the province and potentially right across the country."
The Honourable Pascale St-Onge, Member of Parliament for Brome-Missisquoi, Minister of Tourism and Minister responsible for CED
"Now more than ever, the resilience of the Canadian and Quebec economy is a central concern. And to build a strong economy, we must have the ability to undertake and launch strong homegrown businesses that create wealth in our communities. The Fonds ImpACTE will serve to finance and propel impact entrepreneurial projects forward that meet social or environmental needs and that propose innovative solutions that have the potential to generate significant change with support from La Ruche. We are extremely proud to launch this first additional funding program in partnership with the Government of Canada, and we are confident it will have rapid, tangible impacts in communities."
Frédéric Auger, Chief Executive Officer, La Ruche
Quick facts
- The funds have been granted under CED's Quebec Economic Development Program. This program aims to help communities seize economic development and diversification opportunities that are promising for the future.
- SMEs represent 99.7% of Quebec businesses and contribute to 50% of the province's GDP.
- CED is a key federal partner in Quebec's regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow's economy.
