CED invests $5 million to boost social economy enterprises in Quebec

On November 28, 2024, in Gatineau, Quebec, Canada Economic Development for Quebec Regions (CED) announced new support amounting to $5 million specifically aimed at social economy mutualization projects. This funding is part of the Quebec Economic Development Program (QEDP) and is designed to enhance the capacity of social economy enterprises by allowing them to share resources, including equipment and technology. The announcement was made by Honourable Soraya Martinez Ferrada, the Minister of Tourism, who underscored the significance of social economy enterprises for the vitality of local communities. Social economy enterprises play a vital role in Quebec, contributing approximately $49 billion in revenue and employing close to 220,000 individuals. However, many of these enterprises face significant hurdles, particularly regarding access to the necessary resources for their growth and innovation, which this funding aims to address. The funding is targeted at enterprises within the agri-food, manufacturing, and environmental sectors, as well as non-profit organizations that are leading mutualization efforts. By promoting resource sharing, CED aims to enhance sustainability, productivity, and innovation within these enterprises, allowing them to better counteract challenges such as rising operational costs, environmental inefficiencies, and ongoing labor shortages. The support provided through this funding complements existing programs by federal, provincial, and regional partners in promoting collective entrepreneurship. Organizations interested in applying for funding are encouraged to check the eligibility criteria outlined on CED's website. This initiative reflects CED's commitment to fostering an inclusive and innovative economy where social enterprises can thrive and contribute significantly to their communities. The expectation is that by enabling these businesses to pool resources and expertise, they will not only reduce costs but also improve their overall operational efficiency, ultimately leading to greater community impact and sustainability.