$1.2 Million Announced For 26 Local Businesses To Innovate, Expand & Create Jobs

On Thursday (March 6th) at the Venture North building in downtown Peterborough, Maryam Monsef, Member of Parliament for Peterborough-Kawartha, announced that 26 local businesses will benefit from an investment of nearly $1.2 million from the federal government through the Rural Innovation Initiative of Eastern Ontario (RIIEO).

Seven Peterborough-based manufacturers will receive up to $700,000 through the RIIEO Regional Stream, matched by $1,905,701 in incremental private investment. An additional $450,000 will go towards 19 local businesses operating in the City of Peterborough and County of Peterborough under RIIEO’s Local Stream, and be administered by Community Futures Peterborough.

Photo from announcement via Community Futures on Facebook

RIIEO supports local, innovative projects with a goal of supporting the transition and growth of traditional small and medium sized businesses and manufacturers to expand their business growth and adopt advanced, innovative business processes.

Recognizing the vital role rural communities play in the region’s economy, FedDev Ontario collaborates with Community Futures Development Corporations (CFDCs) in Eastern Ontario to support the transition and growth of new and existing businesses into the new rural economy.

Gail Moorhouse, Executive Director, Community Futures Peterborough speaking at announcement (photo via Community Futures on Facebook)

This RIIEO program investment contributes to an estimated 93 jobs being created and 391 jobs being maintained within the City of Peterborough and County of Peterborough.

“This stream of funding has allowed local businesses to think boldly about their future and how to implement innovative measures to grow and protect jobs in the future,” says Gail Moorhouse, Executive Director, Community Futures Peterborough. “We are thrilled with the quality of exciting projects and innovation taking place in our community.”

“Through smart investments that support our rural innovators and entrepreneurs, we strengthen the local economy and create jobs,” adds Maryam Monsef. “Our government is pleased to work with Northumberland Community Futures Development Corporation (CFDC) and Community Futures Peterborough to ensure our local businesses have the tools they need to develop and reach new markets.”

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