Community Economic Development Investment Funds Benefit Nova Scotians

Nova Scotians continue to support their communities by investing more than $4 million last year through Community Economic Development Investment Funds.

Shareholders, directors, government officials, academics and supporters met at Cape Breton University today, Oct. 1, for the program's annual general meeting and to celebrate its tenth anniversary.

"This program encourages entrepreneurship and innovation within the province, helping to create good jobs and grow the economy," said Minister of Economic and Rural Development Percy Paris. "Through the funds, Nova Scotians are keeping investment capital in their local communities, making life better for families in all regions."

The funds offer Nova Scotians the opportunity to invest in small to medium-sized local businesses in areas such as agriculture, renewable energy, fair-trade and organic products, retail, performing arts and other businesses.

"The funds have proven to be a wonderful way for neighbours to support the growth of businesses right at home," said Greg Mac Leod, a driving force behind the first Community Economic Development Fund. "I've been involved with the program from the beginning and I am very proud of how it has enabled businesses and communities to flourish."

Earlier this year, the province raised the program's equity tax credit from 30 to 35 per cent to further encourage investment. Also, as part of the province's new Renewable Electricity Plan, the funds qualify for community based feed-in tariffs that encourage the development of local renewable energy projects.

When the Community Economic Development Investment Funds were introduced in 2000, 261 Nova Scotians invested $1.1 million. Its popularity has grown over the years and today, about 4,000 Nova Scotians have invested more than $36 million, fueling economic growth in rural and urban areas.

There are now 45 funds in the province and the number continues to grow.

The program has become a model for other provinces. Prince Edward Island recently released its Rural Action Plan outlining its commitment to developing a community investment funds program. Community groups in New Brunswick have also shown an interest in creating a similar initiative.

For more information about the program, visit the department's website at www.gov.ns.ca/econ/cedif/ .