Loading...
HomeMy WebLinkAboutThe Citizen, 1993-08-04, Page 18Most anted. The ONLY Alfallis that are WES-GRO'. pmessed and NOCULIZED''. Ready to Plant from the bag!! We also offer .NOCULIZEIY clovers, and a wide choice of grasses, straight or available in custom forage mixtures to meet your specific needs. Northrup King Forages Multifoliate Alfalfa Creeping Rooted Alfalfa Trifoliate Alfall'a • Legend • MultiKing I • Spredor 2 • Sure • Legend 2 • Encore • Prowler I • 9I9' Brand • 9 1 9' ME Brand (blend) EARLY BOOKING & 10% CASH DISCOUNTS AVAILABLE NOW JOHN W. KING RR 4, Wingham 357-2645 t77* SMINNIM=111 NORTHRUP KING MIIMMIE=IPP' Is your message getting through? People can find a lot of things to do when the ads come on TV. When you want your advertisement to stick around put it in print. The North Huron itizen Serving Blyth, Brussels, Auburn, Belgrays, Ethel, Londesborough, Walton and the surrounding township71 Contact: Jeannette McNeil or Julie Mitchell 523-4792 887-9114 BE WATER SMART. PARENTS! UFEGUARDS DON'T SUPERVISE BATHTUBS. YOU 00. A MESSAGE FROM THE ROYAL LIFE SAVING SOCIETY CANADA IN PARTNFHSHIP WITH Angler &Hunter Saleb4 House Int 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.