Ontario Creates Regional Development Funds
McGuinty Government Gets Important Legislation to Create Jobs Passed
Today, the Attracting Investment and Creating Jobs Act was passed, making the Eastern Ontario Development Fund permanent and creating the Southwestern Ontario Development Fund. These job-creating regional development funds for eastern and southwestern Ontario will soon be up and running to support local companies that generate local jobs.
Since the Eastern Ontario Development Fund was established in 2008, it has helped create or retain over 13,200 jobs and leveraged over $595 million in investment across the eastern region. This successful model will now be applied in southwestern Ontario to continue driving job creation.
Attracting investment and building business is a key part of the McGuinty government's plan to create jobs and strengthen the economy. A strong economy protects the services that matter most to Ontario families: health care and education.
- Ontario created 121,300 jobs in 2011 - the highest level of job creation since 2003.
- Recognizing that each region of Ontario has separate and distinct requirements, the Eastern Ontario Development Fund, the Southwestern Ontario Development Fund, and the programs run by the Northern Ontario Heritage Fund Corporation will remain separate from the new Jobs and Prosperity Fund announced in the 2012 Ontario Budget.
- Ontario has cut taxes on business investment in half, making the province more competitive and encouraging new business investments.
“These funds are about creating jobs and driving the economic growth that community and business leaders know to be successful. Our government has listened. And today, we're moving forward with more strong action for Ontario's economy.”
“We appreciate the Province's recognition of - and response to - the challenging economic circumstances and strong potential of the economy and communities that make up rural eastern Ontario. This fund can help change the course of economic and social development in our region.”
“We are delighted that the much-needed Southwestern Ontario Development Fund will be up and running, creating jobs and economic growth for the region. This fund marks the beginning of numerous potential wins and expansions within our communities.”