Building small business opportunity in Prince Edward Island
News release
West Prince Ventures is helping Island companies prepare for growth
October 24, 2024 · Alberton, Prince Edward Island · Atlantic Canada Opportunities Agency (ACOA)
Entrepreneurs and small businesses propel the economy in Canada and bring job opportunities to rural communities. Support in the early stages of business development is vital to ensuring long-term, sustainable growth. Through Community Business Development Corporations (CBDCs), the Government of Canada provides expertise and delivers essential programs to businesses throughout the Atlantic region.
Improving access to professional services
Today, Bobby Morrissey, Member of Parliament for Egmont, announced a non-repayable contribution of $305,150 to West Prince Ventures (CBDC Western PEI) to deliver the Consultant Advisory Services (CAS) program, in partnership with CBDC East and CBDC Central, from 2024 through to the end of March 2026. The announcement was made on behalf of the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA.
The investment will help up to 60 companies across Prince Edward Island with their next stage of growth through access to professional services for business planning and management, market readiness, export growth, and technology adoption.
From October 20 to 26, during Small Business Week 2024, Canadians are celebrating the crucial role that local companies play in building and strengthening communities.
Today’s announcement demonstrates the Government of Canada’s commitment to job growth and capacity building in rural Atlantic Canada.
Quotes
”Growing a small business is all about having the right team and the right tools to succeed. Your federal government knows this and through ACOA we are stepping up to help businesses on PEI and connecting them with what they need to keep driving growth in their communities.”
- The Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA.
“West Prince Ventures has been on the ground for more than 40 years, working directly with businesses to ensure they have the supports they need to create economic opportunity in our communities. I am pleased to see our government continue to invest in this essential service.”
- Bobby Morrissey, Member of Parliament for Egmont
“The Consultant Advisory Services program is a great resource to assist SMEs to connect with professional services. By providing access to expertise that might otherwise be out of reach, this service can help SMEs grow and thrive throughout PEI.”
- Maxine Rennie, Executive Director, CBDC West Prince Ventures Ltd.
Quick facts
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The funding announced today is provided through ACOA’s Regional Economic Growth through Innovation (REGI) program, which helps businesses speed up their growth so they can be more productive, compete on the world stage and reach new markets.
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There are three CBDCs in Prince Edward Island: CBDC Central PEI, CBDC PEI Eastern PEI, and CBDC Western PEI.
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CBDC Western PEI, in partnership with CBDC East and CBDC Central, will offer the CAS Program to small and medium-sized enterprises (SMEs) in Prince Edward Island.
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BDC Small Business WeekTM is an annual entrepreneurship event that the Business Development Bank of Canada (BDC) has organized for 45 years.
Associated links
Contacts
Connor Burton
Press Secretary
Office of the Minister of Rural Economic Development and of the
Atlantic Canada Opportunities Agency
Connor.Burton@acoa-apeca.gc.ca
David Fleming
Communications Manager
Atlantic Canada Opportunities Agency
david.fleming@acoa-apeca.gc.ca
Maxine Rennie
Executive Director
CBDC Western PEI
Maxine.Rennie@cbdc.ca
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