(NIPISSING - TIMISKAMING, ON) Rural and remote entrepreneurs in Ontario communities with populations under 10,000 people can access individual federal loans of up to $500,000 as part of a new $100M national initiative designed to bring financing and advice to the rural and remote business sector — to unlock growth where it's often overlooked.
Rural and remote entrepreneurs in Ontario can access individual federal loans of up to $500,000 as part of a new $100M national initiative designed to bring financing and advice to the rural and remote business sector — to unlock growth where it's often overlooked.
"Rural and remote businesses are vital to both their local communities and the broader national economic. They create jobs, drive regional growth and keep our towns vibrant. Supporting them means supporting a stronger, more connected nation," said Nipissing-Timiskaming MP Pauline Rochefort.
Leaders in their communities, the 520,000 rural and remote entrepreneurs are exceptionally active, with an entrepreneurship rate standing at 17% in 2024, compared to 12% in urban areas. The financing envelope created by this new initiative is expected to generate up to $250 million in GDP over five years.
This federal program is administered by regional development agencies (FEDNOR) and Canada Economic Development Community Futures/SADC+CAE/CBDC offices.
BACKGROUND
Business Development Bank of Canada Media Release boost for 520,000 rural, remote entrepreneurs
Community Futures/SADC+CAE/CBDC and the Business Development Bank of Canada (BDC) announced the $100M federal funding initiative to reach more business owners living in rural and remote areas. Leaders in their communities, rural entrepreneurs are an exceptionally active demographic, with an entrepreneurship rate standing at 17% in 2024, compared to 12% in urban areas. The financing envelope created by this new initiative is expected to generate up to $250 million in GDP over five years.