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PAGE 18. THE CITIZEN, WEDNESDAY, AUGUST 4, 1993.
Community Economic Development
act provides rural alternatives
Communities in Ontario will be
given new ways to raise their own
investment capital and forge new
grass-roots economic partnerships
through legislation introduced June
2 by Municipal Affairs Minister Ed
Philip.
The legislation, entitled the
Community Economic
Development Act, is part of
jobsOntario Community Action, a
$300-million-year initiative to
support community economic
development outlined yesterday by
Economic Development and Trade
Minister Frances Lankin.
Mr. Philip said that, under the
new legislation, communities will
be given investment tools--
Community Loan Funds and
Community Investment Share
Corporations--they can use to
mobilize local capital to support
local economic renewal activities.
The legislation also enables
municipalities to participate in the
establishment and operation of
Community Development Corpora-
tions, broadly-based bodies
responsible for co-ordinating local
economic development.
These tools will mobilize
community strength, talent and
capital for local government,
community groups, labour,
business, educational institutions,
cultural groups, credit unions, co-
operatives, equity groups and other
interested citizens to develop ideas
for job creation. It will also
provide targeted support for
women, multicultural groups,
Aboriginal people and other
communities of interest so that all
parts of the community are
included in economic development.
"Community economic
development is an essential part of
our government's 10-point plan to
put Ontario back to work," Mr.
Philip said. "With our legislation,
we are providing the tools for
people to invest in themselves, so
that money that comes from a
community will stay in that
community to build a new
economy. Strong, self-reliant local
economies are essential to promote
new growth."
Mr. Philip said the legislation
addresses the problem of
inadequate financing for
community economic development
initiatives. He said the consultation
on the legislation identified the
problem that small entrepreneurs
often lack sufficient collateral to
qualify for bank loans. In addition,
small businesses can't afford the
costs of issuing private share
placemats or stock market offerings
to raise equity capital. "That's why
this government feels strongly that
this legislation is both timely and
necessary," said Mr. Philip.
"Through it, we are helping to
narrow this capital gap."
Community Loan Funds will
facilitate loans in the range of $500
to $15,000 to microenterprises,
while Community Investment
Share Corporations will provide
equity financing of up to $500,000
for small and medium-sized
businesses. Both financing
vehicles are designed to encourage
local investment in local ventures,
in a way that is accessible for
people who may have difficulty
raising or borrowing money from
traditional sources.
Over the next five years, the
government anticipates 40
community investment share
corporations and 35 community
loan funds will become operational.
The government is allocating $10
million to guarantee the principal
invested in Community Loan
Funds, and $20 million to
guarantee the principal invested in
Community Investment Share
Corporations. This will help
communities create nearly 4,000
jobs.
Other measures introduced by
Mr. Philip will give municipalities
increased flexibility to enter into
more innovative financing
arrangements such as partnerships
with the private sector to finance
public infrastructure such as roads,
transit and water and sewage
facilities.
The Community Economic
Development Act also contains
numerous amendments to the
Planning Act, which will save both
time and money, and will
contribute to the province's
economic renewal. The changes
contribute to a smoother, more
efficient and effective planning and
development review process.
"We are very supportive of
efforts to promote community
based economic activities and give
communities a greater say in their
own development," said Frankie
Liberty, president of the Economic
Developers Council of Ontario
(EDCO). "By promoting greater
local involvement in economic
development, we can tap into the
tremendous potential that exists in
communities across the province,"
she added.
Speaking on behalf of Ontario's
$12 billion co-operative sector,
Brian Ashford, Ontario chairperson
of the Canadian Co-operative
Association, commended
jobsOntario Community Action,
saying: "We cannot rely
exclusively on large corporations to
bring jobs and investment to
Ontario communities. Economic
recovery is going to require people
taking action at the local level,
forging community partnerships,
initiating business ventures that
best serve the local economy by
utilizing the skills and resources
present in the community."
"Community loan funds can be a
very effective way to encourage
people to support local economic
initiatives that will create good jobs
in our community," said David
Walsh, chairperson of the Our
Local Economy project, a project
that supports local business and
economic development activities
and encourages cooperation
between different sectors in the
Toronto area.